Africrypt Scam Victims Receive First Payouts

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  • The victims of the Africrypt scam have received the first payouts after the company was bought out
  • Africrypt founders claim they were hacked and lost tens of thousands of investors’ bitcoin
  • Little is known about the company that has agreed to buy the debt and resuscitate Africrypt

The victims of the Africrypt scam have received their first payouts after the white knight investor, recently revealed to be Pennython Project Management LLC, made good on promise to pay out investors to the tune of 65 cents on the rand. The prospect of an investor buying up what remained of the crypto investment platform was raised last month, and according to tech news website ITWeb the first payments have already come through, although little is known about the buyer.

Africrypt Story Still Untold

The Africrypt scam is still mired in mystery given that the Cajee brothers at the heart of the scandal are yet to testify and give their version of what happened to the fund that collapsed in June. The brothers were initially said to have absconded with some 69,000, today worth $3.3 billion, but they claim that the fund never even held that much money.

The brothers are still in hiding after fleeing their home in South Africa after they halted withdrawals and blamed a hack on the disappearance of funds, although they have agreed to attend court proceedings virtually.

Investor Could Bring Cajees Back on Board

When news came out that an investor wanted to buy up some of the tech and algorithms that the Cajees apparently traded with, at least in the early days, it came as a shock to some that there was anything to buy. The name of the ‘white knight’ investor wasn’t revealed, but having made the first tranche of payments ITWeb has revealed it as Pennython Project Management LLC.

Little is known about the company, which was behind this earlier attempted settlement offer that failed when it was revealed that one of the conditions of sale should be that criminal charges against Africrypt were dropped.

It is also unknown whether the Cajees are involved with Pennython, but Africrypt’s attorney Shaheed Dollie confirmed to ITWeb that “the Cajees certainly see an opportunity to resuscitate the business”.