Cryptocurrencies have been getting increased attention among inexperienced South African speculators, thanks to their surging prices and volatility creating the impression that they can help you get rich quick.
Recent reports of what regulators suspect to be another investment scam in South Africa have highlighted the dangers of investing your hard-earned cash into fly-by-night crypto investment schemes.
Two brothers, Raees and Ameer Cajee, have been accused of fleeing South Africa with customers’ funds that were invested in their platform called Africrypt.
The brothers have denied that they stole the money and insisted they fell prey to a hack in which less than $5 million (R72.2 million) in cryptocurrency was stolen.
This development comes just months after the collapse of Mirror Trading International (MTI), which Chainalysis labelled as the biggest crypto-related scam of 2020.
These are just examples among the many suspected…