• Sun. Feb 25th, 2024

Brothers in South Africa Go for an Exit Scam worth $3.6 Billion



Jun 24, 2021

Just recently, reports have started emerging in regards to an exit scam that has taken place in South Africa. It has been reported that as a result of the exit scam, many investors in South Africa are out of their pockets.

The news around the recent exit scam from South Africa has spread like a wildfire all over the crypto-verse. The reason behind so many concerns all over the crypto-verse is because of the amount that has been scammed by the executives of the crypto-firm.

According to reports, the exit scam has left the investors community in South Africa devastated as it has cost them a total of $3.6 million. The exit scam came from one of the cryptocurrency exchanges that was based in South Africa.

The cryptocurrency exchange was reportedly called Africrypt and was operated by two brothers. The local reporting firms have revealed that the project just vanished in thin air. It happened after reports of a hushed-up hack emerged in the market.

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The reports reveal that the investors had hired one of the most prominent firms in South Africa going by the name Hanekom Attorneys. It is a legal firm that is based in Cape Town and was hired to look into the matter and get to the bottom of it.

After a while, the firm has come back revealed that despite making several attempts, they have not been able to locate the brothers anywhere. According to the firm, the brothers are the main culprits that were behind the exit scam as they have run away with billions in their possession.

As the brothers have run away with $2.3 billion worth of Bitcoin (BTC) at the time of writing, they will eventually end up doubling/tripling their profits once the BTC price shoots up again.

The matter is no longer being handled privately by the investors as the government is also involved in it now. The police authorities of South Africa are making all the efforts to try and get their hands on the main culprits of the exit scam.

Even the regulatory authority in South Africa, the Financial Sector Conduct Authority (FSCA) is also keeping a close eye on this matter. Over time, the cryptocurrency industry is growing bigger and it also becomes a feast for scammers and fraudsters.

This is the major reason why regulatory authorities from all over the world are warning their citizens not to invest in cryptocurrencies. Because of people like the owners of Africrypt, the cryptocurrency industry is not able to excel as per its potential.

The reports around the matter reveal that the exchange was launched by two brothers back in 2019. They managed to lure many investors to the platform offering them huge profits for staking their cryptocurrencies.


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