“Africrypt” Raees Ameer Cajee: Bitcoin crypto-currency $3.6bn alleged scam, wetin we sabi

26 June 2021, 09:45 WAT

New Informate 34 minutes wey don pass

"Africrypt" Raees Ameer Cajee: Bitcoin crypto-currency $3.6bn alleged scam

Wia dis foto come from, Getty Images

Wetin we call dis foto,

Bitcoin na digital money.

Di two brothers behind Africrypt say dem no get hand for any “Bitcoin scam”.

Raees and Ameer Cajee lawyer clear di mata give BBC ontop di alleged $3.6bn wayo.

One complaint to South African police say:

Africrypt [Bitcoin investment firm] bin “disappear” wit Bitcoin of about £2.6bn ($3.6bn).

One law firm – Hanekom Attorneys – make di complaint for April on behalf of a group of investors.

"Africrypt" Raees Ameer Cajee: Bitcoin crypto-currency $3.6bn alleged scam

Wia dis foto come from, Getty Images

Wetin we call dis foto,

Bitcoin balloon wey dey burst

But e no dey clear exactly how much crypto-currency dey miss.

For dia now inactive website, Africrypt describe demself as “investment firm exclusively focused on crypto-currency and blockchain technology”.

Di company, wey dem start for 2019, tell investors say only a few years, dem don grow from one-man operation running out of one bedroom to wetin dem call:

“One of Africa largest and most successful AI trading companies”.

Africrypt claim dem hack am

On 13 April, chief operating officer Ameer Cajee write to Africrypt clients dey announce say dem don stop operation sake of one hack.

“Our system, client accounts, client wallets and nodes dey all compromised,” he write.

Di letter advised investors make dem no pursue di “legal route” as dat go “only delay di recovery process”.

Some of di investors wey lose access to dia money dey represented by law firm Hanekom Attorneys.

For one complaint wey dem send to elite South African police unit, known as di Hawks, di law firm say Bitcoin dem value at $3.6bn don “dissapear”,

Dem tok say di use of “various dark web tumblers and mixers no dey help dia investigation into wia di bitcoins go.

Dem dey tok about technologies wey dey make am harder to trace bitcoins.

Di law firm say di analysis make dem believe say tori about hack fit no dey true..

Wetin di brothers tok?

Lawyer John Oosthuizen, wey represent Raees and Ameer Cajee, tell BBC say di brothers “categorically deny” say dem dey involved in a “heist” or dem disappear wit funds.

“Di accusations no get foundation and merit,” he tok.

“Dem maintain say na hack, and dem rob dem of dis assets,” he add.

He no gree confam di $3.6bn value for di Bitcoin wey dey miss, and note say media reports suggesting di value na overestimate.

"Africrypt" Raees Ameer Cajee: Bitcoin crypto-currency $3.6bn alleged scam

Wia dis foto come from, Getty Images

Wetin we call dis foto,

Bitcoin balloon bursts

Wen BBC ask if di brothers don contact di police afta di alleged hack, Mr Oosthuizen say: “No.”

But e add say dem be young men aged 18 and 20 wit “very little life experience”.

Im say di brothers don receive death threats and dia first reaction na to keep themselves and dia families safe.

Im say im firm dey work to prepare one dossier to demonstrate to di authorities say dem hack Africrypt and di brothers na di victim of theft.

Im say Raees and Ameer Cajee fit co-operate wit any future inquiries by di authorities.

But at present nobody don notify dem of any investigation.

Wetin we know about di brothers- Raees and Ameer Cajee

Raees na 20 years old and im life has been crypto currency and blockchain technology.

He matriculated wit 5 distinctions for 2018 wit 100% for information technology, according to wetin dem put for dia website

Im get 98% for economics and 95% for applied mathematics.

Raees found di business in 2013 for one tiny room for one small house for Robertsham south of Johannesburg. E be only 13 at dat time.

Africrypt Founder and CEO, Raees Cajee first learn of Bitcoin for 2009 as im dey watch di news wit im father and ever since im bin dey hooked.

Raees’ passion for cryptocurrency lead am to begin mine ETH wen im dey school.

But wit di rapid growth of di blockchain and cryptocurrency industry im begin build im own Artificial Intelligence models wey dem develop into one AI driven trading system.

Ameer na di Co-Founder of Africrypt He also Co-Found and be di Chief Operating Officer of RaeCreate Wealth, one quantitatively orientated cryptocurrency fund.

Before now, im be di head of macro trading for RaeCreate Wealth. Na im be di personal equity trader for two years before branching out into derivative trading for two years.

Ameer get extensive experience for di financial markets.

Ameer na 18 year old.

"Africrypt" Raees Ameer Cajee: Bitcoin crypto-currency $3.6bn alleged scam

Wia dis foto come from, Getty Images

Wetin we call dis foto,

Like any oda currency dem also dey mine bitcoin through special computer code

How much Bitcoin dey dia custody?

Plenti questions don come out as pipo dey ask di amount of Bitcoin Africrypt wey di brother hold.

On investor wey follow BBC tok on condition of anonymity argue say as much as di losses dey considerable e dey very much less than di billions wey media dey report.

One archive of Africrypt’s website from Jan 2021 also suggest say dem hold less than $3.6bn as assets: “We manage over $100m across our venture fund and AI-driven trading platform,” e read.

Di Financial Sector Conduct Authority (FSCA) tok for one press release say:

Crypto-assets no dey regulated for South Africa “and consequently di FSCA no dey in a position to take any regulatory action”.

Di press release say Africrypt, “bin dey offer exceptionally high and unrealistic returns”.

Di BBC don ask South African police if investigation don start on top di mata but dem neva respond.


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