From: BigBadBob-at-mrp3-dot-com@testing.local

https://www.theregister.com/2021/06/23/africrypt_bitcoin_disappearance/

"Up to $3.6bn in Bitcoin has disappeared from a South African
cryptocurrency investment outfit as well as the two brothers who ran it."

"Africrypt, led by founder and CEO Raees Cajee and his sibling and COO
Ameer, claimed two months ago it had been hacked and had to halt its operations. The biz also urged its investors – said to include
celebrities, the rich, and the like – to keep quiet and not alert police
as doing so would apparently derail the process of recovering any coins
stolen from the biz's digital wallets."

No doubt to delay the law enforcement people as long as possible, so
they could get a head start.

"A group of 20 or so of those investors have since hired a law firm to investigate the fiasco, and obtained from the South African courts a provisional liquidation order against Africrypt."

NOT just taking the loss, in other words.

"Raees, 21, and Ameer, 17, have until July to appeal against the order,
though we note they have essentially vanished."

WHO puts their money into an INVESTMENT COMPANY run by a 17 yo and a 21
yo ??? (apparently, SOME people did)

It's a fair bet they'll somehow convert the bitcoin into cash, then
deposit most of in a "hide your money friendly" bank somewhere in the
world (Caiman Islands, Switzerland, etc.) and THEN hide in some 3rd
world country (Africa, Latin America, Pacific Islands) in a private compound/island where locals are well paid for maintaining security
(including politicians). And in a place like that, a few $BILLION will
let you live like TIN-HORN DICTATORS.

"Africrypt's business model may not come as a surprise: it persuaded
investors to hand over six or seven-figure sums, and promised them as
much as ten per cent daily returns by investing the cash into crypto-coins."

If you calculate compounded interest on 10% per DAY you can easily see
that this is a ridiculous claim. Even 1% per day is ridiculous.

But that kind of LUDICROUS claim apparently did NOT stop people from
putting their money into it.

"The lawyers hired by the investors found, through blockchain analysis,
that coins from Africrypt’s wallets had been run through Bitcoin mixers
and tumblers to hamper any further tracing. Cryptocurrency exchanges
were said to be on the look out for any signs of anyone trading the coins."

Well, crooks are DUMB and they EVENTUALLY make mistakes. But so far
they've been covering their tracks.


I bet that a WORLDWIDE BOUNTY HUNT (with a significant percentage of the recovered bitcoin value as the reward) would get them caught!!!!


--
(aka 'Bombastic Bob' in case you wondered)

'Feeling with my fingers, and thinking with my brain' - me

'your story is so touching, but it sounds just like a lie'
"Straighten up and fly right"

--- SoupGate-Win32 v1.05
* Origin: www.darkrealms.ca (1:229/2)