Coining it: Durban brothers vanish amid ‘R51bn’ crypto scam

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Coining it: Durban brothers vanish amid ‘R51bn’ crypto scam

Africrypt is said to be one of the most brazen scams in SA history and, if the numbers are right, one of the biggest

Companies editor & columnist

According to this astonishing Bloomberg story (https://www.bloomberg.com/news/articles/2021-06-23/s-african-brothers-vanish-and-so-does-3-6-billion-in-bitcoin?srnd=premium-africa&sref=EAoyZLYq), a little-publicised Durban-based outfit called Africrypt, run by two barely 20-something brothers, Raees and Ameer Cajee, has apparently closed down after allegedly being “hacked” some time in April this year.

The thing is, the cryptocurrency platform seems to have scarpered with as much as $3.6bn in digital coins in its coffers, according to Bloomberg. At Wednesday’s exchange rate, that’s an incredible R51.27bn.

That number, to put it mildly, seems almost fantastical — it amounts to just R5bn less than the entire market value of the Woolworths group, for example...

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