NFTS ARE EVERYWHERE, SO ARE THE SCAMS BY NFT CRITICS

NFT CRITICS
2 min readFeb 21, 2022

Cajees brothers of South Africa were profiled in a December cover story by a local outlet, The Umhlanga Magazine. The report, which outlined the Cajees’ success in launching their own business, appears to have since been taken offline. But why would that happen? Let’s read through!

These two brothers have disappeared along with $3.6 billion worth of bitcoin boarded on their cryptocurrency investment platform.

The law firm, Hanekom Attorneys, said it had briefed the incident to the Hawks, an elite South Africa’s national police force unit. Hanekom has also conveyed the matter to South African financial regulators and crypto exchanges worldwide.

The brothers, Ameer and Raees Cajee, established their crypto investment service, Africrypt, in 2019.

But in April, as the price of bitcoin swelled to an all-time high, Ameer, who operates as a COO of Africrypt, sent an email to investors informing them that the company had been hacked.

Ameer made an unusual request, asking clients not to report the incident to management or lawyers, saying it would slow down their efforts to retrieve from the hacking.

But a group of suspicious investors reached Hanekom Attorneys, “which focuses on all aspects of the cryptocurrency industry” and advises “large-volume traders, exchanges and arbitrage companies.”

The firm said that its investigation found that Africrypt’s pooled funds were transferred from its South African reserves and client wallets and pooled with other bitcoin trades to make them untraceable.

South Africa’s Finance Sector Conduct Authority is also examining the company, Hanekom Attorneys said. Still, the agency has said it can’t launch a formal investigation because bitcoin and other cryptos are not legally considered financial products.

IT Web reported that a South African judge ruled in favor of a group of about 20 investors, endowing a provisional liquidation order against the brothers in April. The outlet reported that they have until July 19 to argue against the liquidation.

The alleged theft comes after another South African bitcoin trader, Mirror Trading International, collapsed last year. The losses included about $1.2 billion in cryptos, with some calling it the most well-known cryptocurrency scam of 2020.

Scams aren’t new! Some people are investing millions and losing big time to scams. Others are procreating complex mathematical models to foretell future prices. Almost all of them are just in for the ride. And everyone sounds like an expert; that’s the irony, haha!

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