Africrypt Founders Vanished with $3.6 Billion in Bitcoin

Summary #

On June 23, 2021, Africrypt, a centralized platform claiming to connect banks, payment providers, and digital asset providers for seamless global money transfers, was reportedly compromised. Ameer and Raees Cajee, the exchange’s founders, were reported missing after alleging that almost $3.6 billion invested in the protocol was stolen in a “hack”. Africrypt staff lost access to the exchange’s back-end systems seven days before the claimed attack. Subsequent investigations found that most of the bitcoin invested with the exchange had been withdrawn and moved through tumblers and mixers, making it harder to track.

Attackers #

The attackers remain unidentified. Ameer and Raees Cajee, the exchange’s founders, are the main suspects behind the suspected exit scam. Their whereabouts are currently unknown, but they have reportedly settled in the UK.

Losses #

69,000 in Bitcoin which valued roughly $3.6 billion. The funds were reportedly moved through tumblers and mixers, making them hard to track. As of this report, no funds have been returned.

Timeline #

• April 6, 2021: Africrypt staff lost access to the exchange’s back-end systems.
• April 13, 2021: Investors received notice of the “hack” and the odd request not to contact attorneys or law enforcement from Ameer Cajee, the CEO of Africrypt.
• Late April, 2021: Several investors hired Hanekom Attorneys. Investigations discovered that most of the bitcoin had been withdrawn and moved through tumblers and mixers.
• June 23, 2021: The exchange’s founders, were reported missing.

Security Failure Causes #

Africrypt’s founders vanished with $3.6 billion in bitcoin in a suspected exit scam. The protocol’s back-end systems became inaccessible a week before the alleged hack, raising suspicion about the legitimacy of the founders’ claims. The odd request from the founders to investors not to contact attorneys or law enforcement further adds to the suspicion.