Africrypt Wallets Emptied Months Before Collapse Says Liquidator

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  • The court appointed Africrypt liquidator has presented evidence that suggests the company’s wallets were empty months before the alleged hack
  • A private detective has also found the Cajee brothers bought luxury cars, watches, and suits with investors’ money
  • The brothers claimed last month that a hack had crippled the operation

The spending habits of Africrypt scam founders the Cajee brothers, which include a cash purchase of a customized Lamborghini Huracan, have been laid bare by private investigators, while auditors claim to have uncovered evidence that the Africrypt wallets were emptied months before the collapse of the platform. The brothers, Raees and Ameer, operated what they claimed was a cryptocurrency investment portal but is now widely seen to have been a Ponzi scheme, and are now in hiding, potentially with fast cars, luxury watches, and hundreds of millions of dollars in other people’s cryptocurrency.

Investor Money Spent on Holiday, Cars, and Watches

Africrypt investors, and the crypto world at large, have been gripped by the saga which began last month when reports emerged of a billion dollar cryptocurrency investment fund going offline and the operators shutting off communications. The exact amount of money Africrypt took from investors is yet to be precisely quantified but the number is thought to be in the billions of dollars, and a private investigator hired to track down the funds has pinpointed where some of it went.

South African private investigator Sean Peirce has found that the Cajee brothers spent the money on the rental of a plush estate in Durban, watches, suits, and a customized Lamborghini Huracan, all paid in cash. They pair also booked luxury holidays with their investors’ money before announcing to investors that the platform had been hacked and would have to close.

Africrypt Wallets Emptied Prior to Hack Claim

According to African Bitcoin site, the court-appointed liquidator filed a report to a South African high court which showed evidence that the cryptocurrency wallets belonging to Africrypt were not hacked but had instead been emptied months before the alleged hack. The liquidator added that the Cajee brothers are “intentionally not cooperating, and are deliberately hampering the investigation into the affair.”

As for the final destination of the funds, the liquidator claims that assets and funds were most likely moved from Africypt to directors, related companies, and close corporations. Once the tangled web of financial movements becomes clear, investors will have a better idea of how much of their money remains and how much they can expect to reclaim.