More people are attempting to make money from cryptocurrencies in the rush for digital gold on daily basis. The number of criminals and con artists has also surged as a result of insatiable cryptocurrency demand. The world seems to have gone ‘crypto-mad’.
Digital currencies like bitcoin, Monero, Ethereum, and even Dogecoin’s popularity is increasing day by day. Their soaring value promises big wins for investors. Unfortunately, scammers seem to be two or more steps ahead of most cryptocurrency enthusiasts. The seamless breeding of cryptocurrency scammers is a consequence of the unregulated nature of cryptocurrencies.
Cryptocurrency scams in South Africa
In 2021, South African-based Africrypt was reportedly hacked. Hackers wiped out a staggering $3.38 billion of investors’ money from Africrypt.
While the apparent hack made global headlines, the founders(two brothers) of Africrypt vanished as international investigators struggle to establish what happened. The elder brother Ameer Cajee informed clients that the company was the victim of a hack. He asked them not to report the incident to authorities as it would slow down the recovery process of the missing funds.
It is now suspected to be a completely fraudulent…
