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

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

A pair of South African brothers have vanished, along with Bitcoin worth $3.6 billion from their cryptocurrency investment platform.

A Cape Town law firm hired by investors says they can’t locate the brothers and has reported the matter to the Hawks, an elite unit of the national police force.
 
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
 
Jan said:
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.
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I was thinking the same. This isn't quite MTI.
 
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Reactions: Jan
Everyones-a-Wally said:
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.
 
Jan said:
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.
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That's also quite feasable. A little less obvious than employing Chinese gamblers.
 
  • Haha
Reactions: Jan
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.
 
  • Wow
Reactions: Yuu
They are probably living it up in Club Med Maldives right now. Investor suckers hahaha
 
Sapphiron said:
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
Click to expand...
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?
 

raees_cajee

mybroadband.co.za mybroadband.co.za

Crypto scammers ?

Hi all, seems there are some pretty clued up people of the forum - do you know of any information regarding these oakes? https://africrypt.io/ - are they legit ? cheers
mybroadband.co.za mybroadband.co.za

He came to peddle his nonsense and mybb members ripped into him, and left the forum shortly afterwards ;)
 
duckgray said:
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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yes , last year he was trying to defend his company , but people werent having it.
 
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