However, with this success also comes the potential for fraudulent activities like money laundering.
This makes the Africrypt scam the most expensive in cryptocurrency fraud history.
Mirror Trading International (MTI) has in common its too good to be true return on investment.
Bitcoin is one of the most lucrative cryptocurrencies. Photo: pixabay.comSource: UGC
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When was Africrypt founded?
Two brothers,Ameer Cajee and Raees Cajee, founded Africrypt (Pty) Ltd in 2019.
The Africrypt owners promised investors a monthly return of between 2% and 11% on their investment.
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Africrypt offered three different levels of investment returns to their investors.
According to him, he became interested in bitcoin in 2009 when he was just nine years old.
He sustained this interest and developed an AI crypto-technology that has helped him mine over 100,000 Ethereum.
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Apart from Africrypt (Pty), two other companies were later registered.
Africrypt investments and Africrypt OTC were registered in January 2020 and March 2021.
The cryptocurrencyinvestment companysent the message to investors through the companys Chief Operating Officer, Ameer Cajee.
Bitcoin is a decentralized digital currency. Photo: pixabay.comSource: UGC
Because of that, the company could no longer continue operations.
False hope was given to the investors.
However, when some investors decided toemploy a law firmto investigate the breach, the brothers had already disappeared.
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How did the scam happen?
The scammerstransferred the pooled fundsfrom their South African accounts and client wallets.
From there, the coins went to other large pools of bitcoin to make them essentially untraceable.
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So far, any attempt to initiate an Africrypt login will most likely reach a dead end.
Some sources noted that the Africrypt website is no longer accessible since the fraudulent activity.
As a result of this, accessing an Africrypt dashboard to obtain information is no longer possible.
Bitcoin is an innovative payment network and a new kind of money. Photo: pixabay.comSource: UGC
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Step-by-step guideline
Do you wish tosell on Takealotbut do not know how to go about it?
Briefly.co.zarecently shared a post on how to sell on the platform.
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Also, get to know about the charges and other important facts to enjoy successful sales.
He graduated with a degree in Mass Communication from The Polytechnic, Ibadan, Nigeria.
He has curated the facts and life hacks category since 2018.
Dr Favour is the author of several books available on Amazon.
He currently lives in Nigeria.
Email: favouradeaga@gmail.com
