One investor lost R41 million in Africrypt's "hacked Bitcoin billions"

Hanno Labuschagne

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One investor lost R41 million in Africrypt's "hacked Bitcoin billions"

Reports that two South African brothers, Raees and Ameer Cajee, skipped the country with an estimated R51 billion in bitcoin are "extraordinary", according to attorney Gerhard Botha.

Botha represents a group of investors which, at last count, had the largest combined claim against Africrypt at a total of R66,876,772.50.

The largest of these was Badaspex (Pty.) Ltd., which lodged a claim of over R41 million in its application to liquidate Africrypt on 19 April 2021.
 
And how did Badaspex get 41 million?


The two directors there seem to be running

Aurum Wealth Creators (Pty) Ltd​


 
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And how did Badaspex get 41 million?


The two directors there seem to be running

Aurum Wealth Creators (Pty) Ltd​


"Dial-A-Mula Administrators (Pty) Ltd is a sister company of Aurum Wealth Creators. It’s a company that has launched a dialler product that facilitates income generation for the lower- end and unemployed market through the use of a cell phone and network marketing."

Well that sounds reputable. :unsure: Where do I sign up?
 
No one loses that amount of money
It would not have been their money in the first place
Kinda like a broker
He never invests his own money and takes a risk, he invests your money instead :thumbsup:
 
"Dial-A-Mula Administrators (Pty) Ltd is a sister company of Aurum Wealth Creators. It’s a company that has launched a dialler product that facilitates income generation for the lower- end and unemployed market through the use of a cell phone and network marketing."

Well that sounds reputable. :unsure: Where do I sign up?

Sign up? They already have your details. They'll call you tomorrow. And Tuesday. And Wednesday. And Thursday.
 
Seems to me it's just a big laundry machine. Claim a hack and the money is "gone"... Abroad... With nothing for SARS.

As for "however the process is very wary"... Seems legit
 
“In line with our zero tolerance stance, we will always look into any allegation of irregularity,” Nadiah Maharaj from FNB Risk told MyBroadband.
Maharaj stated that the bank remains committed to fulfilling its responsibilities in accordance with its risk management framework and regulatory requirements.
“Due to client confidentiality, we cannot provide any information on specific bank accounts.”


Oh FNB, you done messed up. Rather admit it now, and try help in this mess, or your brand is going to take a knock, and some of your high ups are going to go to jail.
 
I am not sure if I feel sorry for those that lost their money anymore.

“For a 21 year-old, you could not fault him. He was articulate, he was professional, he was legal. Very precise,” the former Africrypt client said.

According to the investor, there were people who had been in business for 30 years who heard Cajee’s presentation and came away impressed, saying that they can’t believe he was only 21.

When working with money it is irrelevant how well spoken somebody is.. Charlie Munger and Warren Buffett does not come over as "smooth" but they do their homework. Investing based on how articulate somebody is, is the dumbest thing ever.
 
You can be 200% professional, gladdebek and whatever, but 10% ROI per month sounds too good to be true. At such a young age, I would say they messed something up, bigtime. Maybe they told investors that they were "hacked" but to cover up their mistake or fled the country with people's money?

Or did they lose out with the BTC share price falling sharply, not long ago?

Also, the company name also very suspect. Crypt, BTC, Global, Crypto, Trading, International, etc, should never be used in conjunction with some other word.
Like, AfriCrypt.
BTCGlobal
BitCaw
The illustrious MTI.

Any company claiming to be traders in/of cryptocurrencies, forex trade or claims to works with crypto other than cryptocurrency exchanges, (Luno), is most likely a scheme to get your money and "disappear".
 
Aurum Wealth is interesting in it's own right

See if you recognize this guy:

 

this one investor lost R41 million​


Investor? Or should that be gambler/speculator/idiot?
 
Well they did describe their "business" as "Africrypt was marketed as a way to connect banks, payment providers, and digital asset exchanges to make transfers seamless." which sounds like are describing an exchanges function.

The "hack" is super vague; which makes one think its rather negligence in security protocols of infrastructure & wallets Perhaps someone just inserted a USB drive at a braai after interrupting the Africrypt 3D text screen saver on the Windows Home notebooks.
 
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