Cryptocurrency News

An Asset Manager in South Africa Denies Allegations of Stealing from Users

It was just last week when it was reported that the AfriCrypt exchange in South Africa had carried out a scam. The investors on the platform had claimed that the cryptocurrency exchange had carried out a rug pull.

In the process, the two brothers, who founded the exchange managed to steal away more than $2 billion from the investors on the exchange. The investors even went ahead and filed a case against the two brothers who were reportedly operating the exchange.

The amount of the reported scams was so high that even the regulatory and law enforcement authorities had to jump into the matter. Although it looked that the case was indeed a rug pull, there has been a twist in the investigation.

Out of nowhere, the co-founder of AfriCrypt, the South African cryptocurrency investment platform has made an entry. The name of the co-founder is Raees Cajee and he has come into the scene to save his and his brother’s reputation.

Cajee has reportedly denied all allegations made against him and his brother in regards to over $2.3 billion worth of funds from their investors. The brothers were alleged that they had stolen billions in funds from the investors before ceasing to provide their services.

Cajee has gone on to claim that their exchange was targeted by a cyberattack. He further claimed that as a result of the hack, they have ended up losing $5 million through their exchange.

The details shared around the services and benefits provided by the exchange were something that led many observers to believe that the exchange was nothing more than a scam.

The information around the exchange revealed that ever since its launch back in 2019, the exchange was claiming to offer 10% in daily returns of the invested amounts. Just recently, it was claimed by the investors that the brothers operating the exchange had vanished with 69,000 Bitcoin in their possession. This Bitcoin was the funds that the investors had invested to receive daily gains.

The information around the hack was reportedly provided by the AfriCrypt operators back on April 13. However, at that time, the operators issued a notice for the investors not to take any legal action against the exchange as a result of the hack.

After a few days of the exchange facing a hack, the brothers operating the exchange completely went missing in action. It was later established that the brothers had even halted and ceased any operational activities for the exchange.

According to the Wall Street Journal, it was revealed that the Raees brothers have denied all allegations made against them. The reporting firm revealed on June 28 that the Raees brothers have moved ahead with countering the allegations made against them.

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