South African Brothers Vanish, and So Does $3.6 Billion in Bitcoin

They say regulators are going to look at imposing order, but tell me:
  1. How is this different from any of the multitude of other investment platforms that took off with client's money?
  2. Should existing FAIS legislation not have avoided this situation? Was the FSCA monitoring this organization for compliance?
Don't go and create more regulations where you are already incapable of enforcing the current ones
 
Putting this here so I can gloat or eat my words later:

I remain sceptical that the amount of bitcoin being reported is accurate. Especially considering Africrypt's business model.
I was thinking the same. This isn't quite MTI.
 
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Unless they were laundering some criminal syndicate's money and the FIC was somehow asleep at the wheel, I don't see how this much money flowing through their bank account, and into and/or out of the country goes unnoticed.
That's also quite feasable. A little less obvious than employing Chinese gamblers.
 
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Didn’t these guys advertise their site on this forum a couple of years ago? Really pushing it and claiming it wasn’t a scam.
 
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They are probably living it up in Club Med Maldives right now. Investor suckers hahaha
 
They say regulators are going to look at imposing order, but tell me:
  1. How is this different from any of the multitude of other investment platforms that took off with client's money?
  2. Should existing FAIS legislation not have avoided this situation? Was the FSCA monitoring this organization for compliance?
Don't go and create more regulations where you are already incapable of enforcing the current ones
People have been warned again and again that crypto are unregulated. They do not fall under any existing legislation because they are unlike other investments. You ask if FSCA monitoring this organization for compliance, but compliance to what regulations exactly?
 
Didn’t these guys advertise their site on this forum a couple of years ago? Really pushing it and claiming it wasn’t a scam.
yes , last year he was trying to defend his company , but people werent having it.
 
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