{"id":8474,"date":"2021-06-19T17:54:29","date_gmt":"2021-06-19T17:54:29","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/3-6-billion-crypto-heist-south-african-bank-denies-business-relationship-with-fraud-accused-africrypt\/"},"modified":"2021-06-19T17:54:29","modified_gmt":"2021-06-19T17:54:29","slug":"3-6-billion-crypto-heist-south-african-bank-denies-business-relationship-with-fraud-accused-africrypt","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/3-6-billion-crypto-heist-south-african-bank-denies-business-relationship-with-fraud-accused-africrypt\/","title":{"rendered":"$3.6 Billion Crypto Heist: South African Bank Denies Business Relationship With Fraud Accused Africrypt"},"content":{"rendered":"

According to local media, leading South African financial institution FNB is denying allegations of a banking relationship with the recently collapsed crypto investment company, Africrypt. FNB also insists it did not enable the investment company\u2019s transactions which helped Africrypt\u2019s two directors disappear with billions of dollars in investor funds.<\/strong><\/p>\n

Disappearance of Investor Funds<\/h2>\n

The financial institution\u2019s denial comes nearly two months after Africrypt abruptly stopped operating. At that time, the crypto investment firm\u2019s management claimed Africrypt\u2019s trading system had been breached. This breach compromised client accounts, wallets, and nodes, thus forcing Africrypt to freeze all accounts, the directors claimed.<\/p>\n

However, shortly after the so-called breach, Africrypt directors Ameer Cajee and his brother Raees Cajee are alleged to have \u201ctransferred the crypto investment\u2019s pooled funds from its South African account(s) through bitcoin on the blockchain in April 2021.\u201d South African media reports estimate that as much as $3.6 billion in investor funds cannot be accounted for.<\/p>\n

<\/p>\n

Meanwhile, in his response to a media inquiry, FNB spokesperson Nadiah Maharaj refused to acknowledge the existence of any relationship between FNB and Africypt. According to a media report<\/a>, Maharaj, who cites client confidentiality restrictions, stated:<\/p>\n

FNB once again confirms that it does not have a banking relationship with Africrypt. Due to client confidentiality, FNB cannot provide any information on specific bank accounts.<\/p>\n

Use of Crypto Mixers<\/h2>\n

An investigation by local media suggests that after successfully siphoning investors\u2019 funds, the Cajee brothers fled to the United Kingdom. These findings are also corroborated by another investigation by Hanekom Attorneys, a law firm that has been retained by victims of the Africrypt fraud. In addition to these findings, the law firm\u2019s investigations further reveal that Africrypt directors had used mixers in an attempt to obfuscate the flow of the funds.<\/p>\n

While the case has now been reported to the Hawks (South Africa\u2019s elite police unit), the founder of the law firm, Darren Hanekom, is quoted in the report as suggesting Africrypt\u2019s accounts with FNB have already been \u201cdrained\u201d and that \u201cthe entirety of investors\u2019 funds\u201d may have been subjected to the mixing service.<\/p>\n

What are your thoughts on this latest South African crypto investment fraud event? Tell us what you think in the comments section below. <\/strong><\/em><\/p>\n

Bitcoin News
\nRegulation, Africrypt, Africrypt hack, Bitcoin, bitcoin mixers, Blockchain, client confidentiality, crypto investment firm, FNB bank, South Africa<\/p>\n","protected":false},"excerpt":{"rendered":"

According to local media, leading South African financial institution FNB is denying allegations of a banking relationship with the recently collapsed crypto investment company, Africrypt. FNB also insists it did not enable the investment company\u2019s transactions which helped Africrypt\u2019s two directors disappear with billions of dollars in investor funds. Disappearance of Investor Funds The financial…<\/p>\n","protected":false},"author":0,"featured_media":8475,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-8474","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/8474"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=8474"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/8474\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/8475"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=8474"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=8474"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=8474"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}