Article

2021-06-26 Africa Subsaharan

Brothers Abscond With $4 Billion In Crypto Stolen From South African Exchange

[ZERO] In a story that will sound familiar to anybody who followed the collapse of Canadian crypto exchange Quadriga, two brothers who ran a South African crypto exchange have absconded with Bitcoin worth $3.6 billion stolen from their clients, demonstrating once again the one glaring security weakness: While hackers are believed to have brought down Mt. Gox, disillusioned insiders with the right kind of access can easily run off with a life-changing amount of wealth. And in many cases, clients who trusted the exchange to safeguard their assets will be left holding the bag.

Africrypt Chief Operating Officer Ameer Cajee, the older of the two brothers, reportedly informed clients back in April that the company had been the victim of a hack, but asked them to keep quiet, claiming that involving the authorities could "slow down the recovery" of the missing funds. However, the crime has since been reported to the Hawks, South Africa's federal police in charge of disrupting organized criminal enterprises. Ameer Cajee started the company with his brother Raees in 2019 and initially it provided "bumper returns" for investors.

Posted by Besoeker 2021-06-26 08:59|| || Front Page|| [11131 views ] Top

#1 Criminal activity in South Africa? Who knew ?

Posted by Besoeker 2021-06-26 09:02|| 2021-06-26 09:02|| Front Page Top

09:11 Mercutio
09:07 AlmostAnonymous5839
08:52 Matt
08:24 Matt
08:20 SteveS
07:43 Procopius2k
07:42 BrerRabbit
07:42 Procopius2k
07:39 Procopius2k
07:36 Procopius2k
07:35 Procopius2k
07:34 trailing wife
07:31 Procopius2k
07:30 NN2N1
07:22 NN2N1
07:18 trailing wife
07:14 Richard Aubrey
07:10 NN2N1
07:09 Besoeker
07:03 NN2N1
06:58 NN2N1
06:58 Besoeker
05:28 Whiskey Mike
05:23 Whiskey Mike