Africrypt founders under probe over $3.6B scam in South Africa
Authorities have launched a probe into the two Cajee brothers, the founders of Africrypt who allegedly vanished with billions after a Dubai firm started paying some of the victims.
Authorities have launched a probe into the two Cajee brothers, the founders of Africrypt who allegedly vanished with billions after a Dubai firm started paying some of the victims.
"Bring down the banks" has become a mantra in some corners of the industry, but what few talk about is just how many security breaches really happen in the industry and how unsuitable the sector is to replace traditional banking.
Africrypt was a digital currency investment company targeting the rich and celebrities, until founders Raees and Ameer Cajee claimed earlier this year to be hacked and lost all the investors’ money.
Africrypt targeted high-net worth individuals and celebrities, promising them ludicrous returns, according to reports in South Africa.
South African investors are still in shock after a digital currency scam reportedly made off with R54 billion ($3.8 billion) and blamed it on a hack.