R54-billion crypto ‘hack’ shocker hits South African investors - If it's too good to be true it probably is a scam

Africrypt, which reportedly counts several high profile South Africans and celebrities among its investors, was hacked on or about 13 April. A staggering US$3.6-billion (about R54-billion) was swiped out of multiple wallets controlled by directors of the company in a matter of hours.

The “hack” is deemed extremely suspicious by investigators, not least because the two founders of Africrypt – Raees and Ameer Cajee – reportedly disappeared to the UK within days of this happening.

Also suspicious is the fact that clients were requested to sign an investment agreement with Hong Kong-based RaeCreateWealth Limited, which limited the liability of the company for virtually any kind of loss. The agreement is so weighted in favour of RaeCreateWealth Limited that it exonerates it from any hacks – but this contractual limitation of liability does not apply where a crime has been committed.

While MTI was offering returns of up to 10%/month using a trading bot, Africrypt’s sales pitch was even more outrageous, with some clients being promised 10%/day, also using a computerised algorithm.

Which is also just more excuse for authorities to clamp down on cryptotrading to "protect citizens from themselves".

See R54-billion crypto 'hack' shocker hits South African investors

#technology #southafrica #cryptotrading

While thousands of investors were scrambling to find out what happened to funds they had invested in failed crypto scam MTI, a far bigger crypto disappearing act has been playing out.

source https://gadgeteer.co.za/r54-billion-crypto-hack-shocker-hits-south-african-investors-if-its-too-good-be-true-it-probably