Connect with us

Search

Cryptocurrency

Bitcoin Theft of $3.6 Billion Bitcoin in South Africa, Investors Seek Criminal Charges

Victims of the bitcoin theft from last summer now demand retribution, and ask to press criminal charges.

bitcoin
Photo by Light Field Studios / Envato

Two brothers by the name of Raees and Ameer Cajee have reportedly not been seen since they allegedly made off with $3.6 billion in Bitcoin last summer. The 2 brothers were behind Africrypt, a crypto platform.

During the recent dips in the market, pegging the sum now at a total $2.9 billion, victims now demand the charges should be made.

Sean Pierce from the Coast to Coast Special Investigations, who’s also a representative of some of the victims, spoke with Bloomberg in an interview. He said, “We are pushing for the brothers to be charged for fraud, theft, possibly money laundering.”

On their sentence, he stated “They can get 10 to 15 years for a first-time offense.”

Pierce made sure to clarify that a final decision to move forward regarding the prosecution has yet to be made, at this moment.

Rashaad Moosa, the lawyer representing Africrypt, has reportedly said the prosecution shall be difficult to pursue, due to the fact that the investors inked agreements to transfer claims to a Dubai-based firm by the name of Pennython Project Management LLC.

The firm then proceeded to offer their investor payouts, which Moosa of course claimed that the investors hold no right to any form of interest.

About 69,000 Bitcoin were reported missing in investor funds, from the exchange. The Cajee brothers whom operated the exchange also seemed to have vanished.

Africrypt stopped its operations in April of 2021. This was when Bitcoin was coming up on its then-all time high of $64,000, also citing a breach in their systems. Investors were instructed not to report about the incident to authorities as it would only allegedly make it that much harder to recover the funds.

At this moment, the location of the Cajee brothers is unknown. When the commotion began, it was speculated that they’d fled to the UK.

Advertisement

Trending Articles

Advertisement

TRENDING ARTICLES

News

The company's COO made a heartfelt Twitter thread thanking the company for her time there, and has confirmed she's moving onto something bigger and...

News

BitOasis finds itself under the wing of the UAE's new crypto regulator.

News

The Will Smith Inu is currently experiencing a surge, but will it last?

News

Bank Leumi, one of the 2 largest banks in all of Israel, is all set to enable the holding, buying, and selling of cryptocurrency.

Blockwatch is a news and information site on crypto, digital assets, NFTs, crypto investing, and the future of money. Blockwatch is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. Blockwatch is an independent operating subsidiary of Ubiquitous, Inc, which invests in cryptocurrencies and blockchain startups.

Copyright © 2022 Blockwatch™ Media, Inc. Blockwatch™ Media is a Ubiquitous company. All rights reserved.