Two brothers who were associated with South Africa’s largest cryptocurrency exchange may have disappeared, causing cryptocurrency investors to lose nearly $3.6 billion in Bitcoin.
According to, a Cape Town law firm claims it cannot locate Ameer Cajee and Raes Cajee, founders of Africrypt. The exchange informed its investors that it had been hacked in April and requested they not report it to authorities as it could slow down the process of recovering their money.
Hanekom Attorneys was hired by some of the people involved in the exchange to investigate the matter. Hanekom Attorneys is the law firm that claimed it could not find the brothers.
It discovered that Africrypt’s pooled money had been withdrawn from local accounts and client wallets, and the funds were then transferred through tumblers and mixers . This made it difficult, if not impossible to track down the money.
According to Bloomberg, Africrypt employees were unable to access the back-end platforms seven day prior the alleged hack. Both Cajee brothers were contacted by the outlet multiple times, but they did not return their calls.
The fact that cryptocurrency is not legally recognized as a financial product in South Africa complicates any recovery effort. It will be the biggest cryptocurrency loss ever, surpassing the $200 million USD that was lost when the founder of Canada’s QuadrigaCX exchange died in India.