The two young directors of the recently collapsed crypto investment firm Africrypt have denied allegations scam users
As AZCoin News reported, two brothers behind the South African investment platform Africrypt, have disappeared along with $3.6 billion in BTC bought with investors’ funds. And now, the two young directors have denied the allegations they made against the client.
Africrypt directors deny accusations of deceiving customers
Responding to an investigation from the BBC, the brothers insisted their company is the victim of a hack while also claiming that the media may be overestimating the value of the missing Bitcoin.
Accordingly, John Oosthuizen, the lawyer representing Cajees, said that the charges against his client were baseless and lacked value. However, when asked if his client informed the police after the hack, Oosthuizen said “no”.
Furthermore, the lawyer argues that Africrypt’s clients have very little life experience, usually young people between the ages of 18 and 20. Therefore, when they start receiving death threats, the reaction is Their first is to keep themselves and their families safe.
Although Oosthuizen did not disclose Cajees’ whereabouts, however, he said his client would cooperate with any future inquiries from authorities. However, the Cajees will only do this when they are informed of an investigation.
Meanwhile, doubts about the exact value of the stolen Bitcoins have grown after an anonymous Africrypt investor told the BBC that while the damages incurred were substantial, they were far less than with billions already reported. This means that the two project operators have deliberately overstated the damage to benefit.
In fact, an archive on Africrypt’s website from January 2021 shows that the investment firm has $100 million under management. This is much lower than the reported $3.6 billion worth of missing BTC suggesting that the initial figures were inflated.
Launched in 2019, Johannesburg-based Africrypt was founded by South African brothers Ameer and Raees Cajee. The platform promised a minimum return of five times the amount of bitcoin invested. According to lawyers acting on behalf of a group of Africrupt customers, the brothers and bitcoin worth as much as $3.6 billion have gone missing. Calls made to the brothers’ phones immediately direct to voicemail, and the company website is down.
Africrypt first showed signs of trouble earlier in the year. In April, Ameer Cajee said that the company had been a victim of a hack. Following this, investors hired a law firm to look into the case. However, Cajee also asked investors not to report the incident to authorities, which raised more red flags. Additionally, employees at the firm lost access to back-end platforms seven days before the alleged theft.
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