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.
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.
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.
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,
Big Pharma’s Five Major Minions that Everyone, Vaxxed or Unvaxxed, Must Oppose
This is not an “anti-vaxxer” article, per se. It’s a call for everyone to wake up to the nefarious motives behind vaccine mandates, booster shots, and condemnation of freedom.
The worst kept secret in world history SHOULD be that the unquenchable push for universal vaccinations against Covid-19 has little if anything to do with healthcare and everything to do with Big Pharma’s influence over the narrative. Unfortunately, that secret has stayed firmly hidden from the vast majority of people because of the five major minions working on behalf of Big Pharma.
What’s even worse is the fact that Big Pharma’s greed is merely a smokescreen to hide an even darker secret. We’ll tackle that later. First, let’s look at the public-facing ringleaders behind the vaccine push, namely Big Pharma. But before we get into their five major minions, it’s important to understand one thing. This is NOT just an article that speaks to the unvaccinated. Even those who believe in the safety and effectiveness of the vaccines must be made aware of agenda that’s at play.
Let’s start with some facts. The unvaccinated do NOT spread Covid-19 more rampantly than the vaccinated. Even Anthony Fauci acknowledged the viral load present in vaccinated people is just as high as in the unvaccinated. This fact alone should demolish the vaccine mandates as it demonstrates they have absolutely no effect on the spread of the disease. But wait! There’s definitely more.
This unhinged push to vaccinate everyone defies science. Those with natural immunity may actually have their stronger defenses against Covid-19 hampered by the introduction of the injections which fool the body into creating less-effective antibodies. Moreover, the push to vaccinate young people is completely bonkers. The recovery rate for those under the age of 20 is astronomical. Children neither contract, spread, nor succumb to Covid-19 in a statistically meaningful way. What they DO succumb to more often than Covid-19 are the adverse reactions to the vaccines, particularly boys.
All of this is known and accepted by the medical community, yet most Americans are still following the vaccinate-everybody script. It requires pure cognitive dissonance and an overabundant need for confirmation bias to make doctors and scientists willingly go along with the program. Yet, here we are and that should tell you something.
Before I get to the five major minions of of Big Pharma, I must make the plea for help. Between cancel culture, lockdowns, and diminishing ad revenue, we need financial assistance in order to continue to spread the truth. We ask all who have the means, please donate through our GivingFuel page or via PayPal. Your generosity is what keeps these sites running and allows us to expand our reach so the truth can get to the masses. We’ve had great success in growing but we know we can do more with your assistance.
Who does Big Pharma control? It starts with the obvious people, the ones who most Americans believe are actually behind this push. Our governments at all levels as well as governments around the world are not working with Big Pharma. They are working for Big Pharma. Some are proactive as direct recipients of cash. Others may oppose Big Pharma in spirit but would never speak out because they know anyone who does has no future in DC.
This may come as a shock to some, but it’s Big Pharma that drives the narrative and sets the agenda for the “experts” at the CDC, FDA, WHO, NIH, NIAID, and even non-medical government organizations.
Most believe it’s the other way around. They think that Big Pharma is beholden to the FDA for approval, but that’s not exactly the case. They need approval for a majority of their projects, but when it comes to the important ones such as the Covid injections, Big Pharma is calling the shots. They have the right people in the right places to push their machinations forward.
That’s not to say that everyone at the FDA is in on it. Big Pharma only needs a handful of friendlies planted in leadership in order to have their big wishes met. We have seen people quitting the FDA in recent weeks for this very reason. The same can be said about the other three- and five-letter agencies. Too many people in leadership have been bribed, bullied, or blackmailed into becoming occasional shills for the various Big Pharma corporations. Some have even been directly planted by Big Pharma. That’s the politics of healthcare and science that drives such things as Covid-19 “vaccines.”
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JD Rucker – EIC