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Swiss authorities investigate AfriCrypt following scam allegations in South Africa

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Gherardo Fiorenzo
Gherardo Fiorenzo is an Italian author with a unique perspective shaped by his experiences in Italy and the US. His thought-provoking articles, short stories, and reviews explore the intersections of language, identity, and culture.

Founders of Africapt who South African retail investors defrauded of 70,000 BTC in 2021 is under investigation by the Swiss authorities for money laundering.

AfriCrypt scam

a report on April 23rd shows The prince and chief of the Kage are brothers behind AfriCrypt, on the surface in Switzerland after two years of defrauding investors off they hard-earned Coins. Launch AfriCrypt in 2019, allowing investors reap huge rewards One of the cryptocurrencies that were prevalent at the time.

In 2021, at the height of of the bitcoin (BTC) and crypto bull run, AfriCrypt claimed that its cryptocurrency management platform was hacked and that 70,000 bitcoins were hijacked by attackers. by the time of “Breakthrough”, Afript managed a whopping $3.6 billion.

although amount was lost worth Billions of Dollars, it was strange that they didn’t want The police are involved because law enforcement “will slow down down finance recovery”.

Unrefined nature of South Africa regulatory environmentespecially on Cryptocurrency, can not help. Financial Sector Conduct Authority of South Africa, although considering Africrypt, has not been able to open an official investigation over cryptocurrencies, including bitcoinnot considered financial products. their investigation on Since then AfriCrypt has been completed.

despite the existence of regulatory challenges in In 2021, this hasn’t stopped some shady investors from reporting AfriCrypt to the authorities and even screwing in Services of Law firm, Hanekom Attorneys.

Seven days before the alleged hack, Africabet investors were doing just that already Lost access to the backend of the platform. Therefore, they could not keep track of their investment performance in boom market.

investigation in Switzerland

An investigation by Hanekom’s lawyer revealed that the money collected for Africarypt had been diverted and passed through mixers to hide their traces.

Consider transparency nature of public Blockchains hide tracks of finance transfers It is almost impossible. Transparency nature of Bitcoin helped investigators uncover Africanrypt looting first I finish up in Dubai before you go through the mixers.

Two years later, the brothers aroused suspicion when they rented a locker in Zurich, Switzerland, hardware portfolio deposit. Hardware wallets are used hardware store cryptocurrency private keys. They are usually used by individuals who are hoping for a huge contract amount of Coins.

Swiss authorities caught wind of They are now investigating the two brothers on suspicion of money laundering.

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