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Thursday, December 1, 2022

Bitcoin Hack Has Led To A Loss Of $3.6 Billion

Close to 69,000 tokens of Bitcoin have mysteriously vanished from an investment platform in South Africa- which includes two different brothers who had ownership of the said crypto firm.

While the facts haven’t been proven yet, if it does turn out to be an exit scam more than a hack- it would be the biggest in the history of the cryptocurrency as stated by Bloomberg. As reports go, there were warning signs for investors today- with several users promised returns of around 10% every day. 

Bitcoin ‘Hack’ Or Investment Scam?

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The bitcoin investment platform, AfriCrypt, was founded a couple of years back and was operated by Ameer and Raees Cajee. According to reports, the investment platform managed to acquire close to 54 billion rands worth of BTC- when it sent a message to their investors that the platform had been hacked. After that, the investment platform stated that they would be halting their operations while they flushed out the stolen funds and the information that had been compromised. 

Hanekom Attorneys, a law firm in South Africa has decided to take up the case on the side of the users and have stated that their suspicions first came when a message flashed that most clients could directly proceed towards the legal route- but it would be better if the clients did acknowledge that that would directly delay the process of recovery.

To this, the attorneys stated that the announcement from the platform basically stated that investors were to not take action for the scam. There was also the report that all the employees employed by this Bitcoin investment platform had lost access to the back-end platforms almost a week before the hack took place.  

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The law firm believes that the brothers managed to transfer close to 69,000 Bitcoin to various tumblers in the dark web as well as several mixers which resulted in the severe fragmentation of the amount- making the funds untraceable. 

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