Cryptocurrency investors in South Africa may have lost nearly $3.6 billion in Bitcoin following the disappearance of two brothers associated with one of the country’s largest cryptocurrency exchanges.
Complicating any recovery attempt is that South Africa’s Finance Sector Conduct Authority can’t launch a formal investigation into the incident because cryptocurrency isn’t legally considered a financial product in the country.
The incident would make it one of South Africa’s biggest ever incidents related to crypto
Here's a thread about the company's investor presentation.
Africrypt claimed to have grown from a one man operation to "one of Africa's largest & most successful AI trading companies"— Don Petty Cash (@iamkoshiek) June 23, 2021
Ever heard of them? Nobody did. That's the start of any great scam. pic.twitter.com/0oP2j1cTwB