After the disappearance of two brothers associated with one of the country’s largest cryptocurrency exchanges, South African cryptocurrency investors may have lost nearly $3.6 billion in Bitcoin.according to Bloomberg, A law firm in Cape Town said it could not find Ameer and Raees Cajee, the founders of Africrypt. In April of this year, the exchange told investors that it was the victim of a hacking attack and asked them not to report the incident to the authorities because it would “slow down” the process of recovering lost funds.
Some people involved in the transaction hired Hanekom Law Firm, which said it could not find the two brothers to investigate the incident.It found that someone had withdrawn Africrypt’s pooled funds from the local account and customer wallet where the coin was originally stored and put it in Tumbler and blender, Making it difficult (though not impossible) to trace funds. “Africrypt employees lost access to the back-end platform 7 days before the alleged hack,” the law firm told BloombergThe outlet tried to call the Cajee brothers several times, but received their voice mail each time.
Complicating any recovery attempts is that the South African Financial Sector Conduct Authority was unable to conduct a formal investigation into the incident because cryptocurrencies are not legally considered financial products in the country.If no one can recover the money, it will be the largest cryptocurrency loss in history, easily surpassing being a Canadian founder QuadrigaCX The exchange died while traveling in India.
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