Two founders of cryptocurrency investment platform Africrypt have disappeared in South Africa along with user funds — 69,000 bitcoins worth $3.6 billion. This could be the largest dollar cryptocurrency fraud in the world, Bloomberg writes.
Africrypt’s chief operating officer, Amir Kaji, the elder of the brothers, reportedly notified customers in April that the company had been hacked. He asked them not to report the incident to lawyers and authorities, as it would slow down the process of recovering missing funds.
Some investors, however, were skeptical and used the services of Hanekom Attorneys. As the organization told the agency, it was suspicious of the Africrypt CEO’s request from the beginning.
Hanekom Attorneys said Africrypt employees lost access to the software and hardware platform seven days before the alleged “attack.”
The company has not been able to find out the location of the brothers. It learned that bitcoins from Africrypt’s South African accounts were withdrawn and routed through large mining pools, after which the digital currency became untraceable. An elite unit of the South African police investigated the case. Another company has begun the process of dismantling Africrypt, the agency reports.
Amir Kaji, along with his 20-year-old brother Rais, launched Africrypt in 2019. At the cryptocurrency’s peak in April, the missing bitcoins were valued at more than $4 billion.