Crypto in Africa: Launch of rand to BTC trading and fraud alerts hits SA

Crypto in Africa: Paxful builds schools in Rwanda, crypto trader kidnapped in South Africa

Africa has greatly embraced cryptocurrencies. More people across the continent desire to own, trade and even learn more about blockchain and cryptocurrencies. With this new technology spreading to the core of Africa, some are using it to spread joy while others use it to feed their criminal appetites.

South African crypto trader barely escapes from kidnappers

A crypto trader in South Africa is fighting for his life after a group of individuals kidnapped him, reportedly in a bid to get ahold of his crypto assets.

According to local reports, “Andrew” was in talks with a new contact on Facebook. Their talks led to the new contact asking him to meet up in residence in Natui Street, Meadowlands Zone Five. It is reported that Andrew was to meet this contact for a presentation on cryptocurrency. However, this never happened as, upon entering the residence, unknown persons struck him from behind and drugged him with a cloth containing sleeping drugs.

When the victim regained consciousness, he found himself sitting in a different location surrounded by two women and three men. According to Andrew’s statement, these individuals stripped off his clothes and began torturing him while demanding his password to his crypto wallet and his bank account details.

The victim managed to hold on to his financial details until eventually, the kidnappers threatened to take his life using a hot iron rod. After relenting, the kidnappers transferred around 800,000 South African Rand (about $58,500) worth of Bitcoin Core (BTC) to their wallet. They also transferred 100,000 South African Rand (about $7,300) from his bank account. In addition, they took 2 iPhones and about 3000 rands ($220) in cash he had at the time of the kidnapping.

Andrew added that once they were done getting the money from him, the kidnappers blindfolded him and threw him on Liprivier Road where he was found by police and rushed to the Alberton Union Hospital. The victim is still in the hospital getting treatment for the burns and wounds inflicted by the kidnappers. Police have started investigations on the matter.

Kidnapping cases related to cryptocurrencies are on the rise. In May, a 13-year-old boy was kidnapped in South Africa. The kidnappers demanded 15 BTC (about $120,000 at the time). The boy was eventually released with police arresting three suspects.

Paxful builds a second school Rwanda

Paxful, a crypto marketplace, has completed building a second school in Rwanda. According to reports, Paxful began the project this year in July. The project goal was to raise $100,000 worth of crypto funds, with Paxful matching every donation made to the project. Different individuals came out to support their efforts, including one government official who donated the land where the school is currently sitting.

Paxful has already managed to complete the construction of their first school in Rwanda. This school is a nursery education centre, which was completed last December.

The second school is a primary institution located near the nursery that was created for children between the age of 6 and 15. The school is located in the Bugesera District in the Kasebigege village. Paxful stated that building the primary school near the nursery will ensure continuous education for the students.

In an interview, the CEO and co-founder of Paxful, Ray Youssef, stated that it has always been his dream to build schools for underprivileged children. He added that Paxful would continue building schools in communities that are needy around Africa. He explained, “We want to build 100 schools in Africa fully funded by cryptocurrency. #BuiltWithBitcoin is our way of giving back to the communities that we serve in a way that is sustainable and brings a huge smile to our faces.”

According to Youssef, the schools will have clean water and solar panels to ensure the right learning conditions for the children.

Paxful has been involved in various projects across the continent, including a blockchain incubation hub in Lagos, Nigeria.

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