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A pair of South African brothers have vanished, taking with them $3.6 billion worth of bitcoin from the cryptocurrency investment platform they put up.
Article by Franz Walker from Natural News.
A Cape Town law firm hired by investigators says it is unable to find Ameer and Raees Cajee, founders of Africrypt, the country’s largest cryptocurrency exchange. The firm has since reported the matter to the Hawks, an elite unit of South Africa’s police force.
It has also told crypto exchanges around the world to be on the lookout should anyone try to sell the digital currency on their platforms.
Largest crypto scam in history
Back in April, when Bitcoin had reached its highest valuation yet, Africrypt warned clients of a hack. But it strangely asked clients not to alert law enforcement authorities or lawyers, claiming that doing so “would slow down” the recovery process.
Not all of the company’s clients believed that, and some investors retained Hanekom Attorneys to look into things.
“We were immediately suspicious as the announcement implored investors not to take legal action,” Hanekom Attorneys said to Bloomberg. “Africrypt employees lost access to the back-end platforms seven days before the alleged hack.”
The law firm eventually found that Africrypt’s pooled funds had been transferred from its client’s accounts so many times and through so many filters that it was nearly impossible to trace the cryptocurrency.
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A total of around 69,000 bitcoins are missing from the firm. At the time of their disappearance, this was equal to around $3.6 billion, but with recent drops, their value now stands at just under $2.4 billion.
Even at the lower number, the amount still makes it the largest cryptocurrency loss in history should the money not be recovered. According to a report from April, the 80 largest cyber thefts from the past decade only resulted in a collective loss of $2.5 billion.
Recovering the missing bitcoin could also be made more complicated by the fact that cryptocurrencies, such as Bitcoin, are not legally recognized as financial products in South Africa. This means that the Finance Sector Conduct Authority, which normally handles these matters in the country, is unable to start a formal investigation.
Scam highlights problems with decentralized, unregulated crypto
The Africrypt case is the second high-profile scam involving cryptocurrencies to hit South Africa. Last year, the collapse of bitcoin trader Mirror Trading International resulted in the loss of around 23,000 coins, totaling about $1.2 billion in the biggest crypto scam of 2020.
Cases like these highlight the concerns that many government regulators have over cryptocurrency’s decentralized, unregulated nature. In some instances, regulators are all too happy to step in.
In China, the country’s central bank recently called on financial institution executives to enforce a ban on offering financial services related to cryptocurrency trading.
In its announcement, the People’s Bank of China identified cryptocurrencies, such as bitcoin, as a risk for illegal cross-border transactions and money laundering, as well as a challenge to economic and financial order. (Related: Chinese crypto crackdown causes bitcoin prices to plunge.)
Even in the U.S., there the general mood towards crypto tends to be more positive, many are also starting to call for increased regulation. Billionaire investor and Dallas Mavericks owner Mark Cuban recently called for crypto regulation following the collapse of an algorithmic stablecoin that he put money into.
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Stablecoins – a type of cryptocurrency that’s pegged to an asset, usually the U.S. dollar – have rocketed in value in recent years. The latest of this, Tether, now boasts a market capitalization of $62 billion.
“There should be regulation to define what a stable coin is and what collateralization is acceptable,” said Cuban who declined to reveal how much he lost, only telling Bloomberg that “it was enough that I wasn’t happy about it.”
Meanwhile, in a recent blog post this month, Cuban noted that “banks should be scared” of the largely unregulated technology.
But while regulation still doesn’t exist, Cuban warns would-be investors to be wary of putting everything into crypto.
“All tokens are not created equal. In some projects, there is a risk that everything goes to zero,” he said. “We urge those investing in the ecosystem to educate themselves in these new financial projects. Never invest what you’re not prepared to lose in entirety.”
Follow Risk.news for more on the dangers of investing in unregulated cryptocurrencies.
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New Conservative Network Seeks Crowdfunding Help
They say we have to go big or go home. We’re trying to go big and bring the patriotic truth the the nation, but we need help.
Readers may or may not realize that over the past year, we’ve been bringing more conservative news and opinion outlets under our wing. Don’t take our expansion as a sign of riches; all of the “acquisitions” have been through sweat and promises of greater things to come for all involved. As a result, we’ve been able to bring together several independent media sites under a unified vision of preventing America from succumbing to the progressive, “woke,” Neo-Marxist ideologies that are spreading like wildfire across America.
The slow and steady reopening of America is revealing there was a lot more economic hardship brought about from the Covd-19 lockdowns than most realize. While we continue to hope advertising dollars on the sites go up, it’s simply not enough to do things the right way. We are currently experiencing a gap between revenue and expenses that cannot be overcome by click-ads and MyPillow promos alone (promo code “NOQ” by the way).
To overcome our revenue gap and keep these sites running, our needs fluctuate between $3000-$7000 per month. In other words, we’re in the red and hemorrhaging.
The best way you can help us grow and continue to bring the truth to the people is by donating. We appreciate everything, whether a dollar or $10,000. Anything brings us closer to a point of stability when we can hire writers, editors, and support staff to make the America First message louder. Our Giving Fuel page makes it easy to donate one-time or monthly. Alternatively, you can donate through PayPal as well.
As the world spirals towards radical progressivism, the need for truthful journalism has never been greater. But in these times, we need as many conservative media voices as possible. Please help keep NOQ Report and the other sites in the network going.
Thank you and God Bless,
JD Rucker
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Most “Conservative” News Outlets Are on the Big Tech Teat
Not long ago, conservative media was not beholden to anyone. Today, most sites are stuck on the Big Tech gravy train.
I’ll keep this short. The rise of Pandemic Panic Theater, massive voter fraud, and other “taboo” topics have neutered a majority of conservative news sites. You’ll notice they are very careful about what topics they tackle. Sure, they’ll attack Critical Race Theory, Antifa, and the Biden-Harris regime, but you won’t see them going after George Soros, Bill Gates, the World Economic Forum, or the Deep State, among others.
The reason is simple. They are beholden to Big Tech, and Big Tech doesn’t allow certain topics to be discussed or they’ll cut you off. Far too many conservative news outlets rely on Google, Facebook, and Twitter for the bulk of their traffic. They depend on big checks from Google ads to keep the sites running. I don’t necessarily hold it against them. We all do what we need to do to survive. I just wish more would do like we have, which is to cut out Big Tech altogether.
We don’t get Google checks. We don’t have Facebook or Twitter buttons on our stories. We don’t have a YouTube Channel (banned), an Instagram profile (never made one), or a TikTok (no thanks, CCP). We’re not perfect, but we’re doing everything we can to not owe anything to anyone… other than our readers. We owe YOU the truth. We owe YOU the facts that others won’t reveal about topics that others won’t tackle. And we owe America, this great land that allows us to take hold of these opportunities.
Like I said, I don’t hold other conservative sites under too much scrutiny over their choices. It’s easy for people to point fingers when we’re not the ones paying their bills or supporting their families. I just wish there were more who would make the bold move. Today, only a handful of other major conservative news outlets have broken free from the Big Tech teat. Of course, we need help.
The best way you can help us grow and continue to bring proper news and opinions to the people is by donating. We appreciate everything, whether a dollar or $10,000. Anything brings us closer to a point of stability when we can hire writers, editors, and support staff to make the America First message louder. Our Giving Fuel page makes it easy to donate one-time or monthly. Alternatively, you can donate through PayPal or Bitcoin as well. Bitcoin: 3A1ELVhGgrwrypwTJhPwnaTVGmuqyQrMB8
Our network is currently comprised of nine sites:
- NOQ Report
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We are also building partnerships with great conservative sites like The Liberty Daily and The Epoch Times to advance the message as loudly as possible, and we’re always looking for others with which to partner.
Some of our content is spread across multiple sites. Other pieces of content are unique. We write most of what we post but we also draw from those willing to allow us to share their quality articles, videos, and podcasts. We collect the best content from fellow conservative sites that give us permission to republish them. We’re not ego-driven; I’d much rather post a properly attributed story written by experts like Dr. Joseph Mercola or Natural News than rewrite it like so many outlets like to do. We’re not here to take credit. We’re here to spread the truth.
While donations are the best way to help, you can also support us by buying through our sponsors:
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We know we could make a lot more money if we sold out like so many “conservative” publications out there. You won’t find Google ads on our site for a reason. Yes, they’re lucrative, but I don’t like getting paid by minions of Satan (I don’t like Google very much if you couldn’t tell).
Time is short. As the world spirals towards The Great Reset, the need for truthful journalism has never been greater. But in these times, we need as many conservative media voices as possible. Please help keep NOQ Report and the other sites in the network going. Our promise is this: We will never sell out America. If that means we’re going to struggle for a while or even indefinitely, so be it. Integrity first. Truth first. America first.
Thank you and God Bless,
JD Rucker
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