It is reported that 69,000 Bitcoinshave been lost in a hack involving one of the largest crypto companies in Africa, AfriCrypt.
This case is one of the market’s main concerns today due to a sizeable loss with unclear origins.
Many people suspect this incident is the result of hacking, but some claim that this incident is the result of fraud.
69,000 Bitcoins Lost Due to AfriCrypt
Around 69,000 Bitcoins reportedly disappeared from the investment company AfriCrypt and the two brothers who manage the company.
It was rumored that this incident resulted from a hack, but many people began to suspect AfriCrypt.
Although there is still no clarification and clarity from the court, there are allegations that this incident resulted from fraud and not hacking.
According to data from Bloomberg, if it were an act of fraud, it would be the largest fraud in history.
There are some worrying signs before this loss occurs, one of which is the company’s profit scheme.
It is noted that AfriCrypt promises its service users to earn a profit of 10% per day, a relatively large number for an investment company.
AfriCrypt reported that his company had made 54 Billion Randbefore reporting the hack to its investors. The company said it would stop operations from getting the funds back.
Authorities Have Interceded
It seems that this case has also attracted the attention of the authorities and legal parties, one of which is a law firm called Hanekom Attorneys.
The company is currently representing users who suffered losses and stated that there was something suspicious about this incident.
This law firm stated that this hacking incident was a fraud due to the presence of several signs that cast doubt.
One such sign is the loss of employee access to the AfriCrypt platform seven days before the “hack.”
Hanekom Attorneys alleged that two of the company’s managing brothers had transferred 69,000 Bitcoins from AfriCrypt to multiple destinations to make the funds untraceable.
This allegation had become more robust with the two management parties currently unreachable when AfriCrypt crashed.
The court has ordered both parties managing AfriCrypt to liquidate all investor funds.
They have until July 29, 2021, to respond to the request, and there has been no response.
All of these cases started with AfriCrypt’s marketing method, which offered its investors a 10% profit daily.
This method is one way that is quite dangerous because the profits are pretty high, even for investment companies. Cases like this are also still common, especially in Indonesia with the service of “deposit funds.” So it needs high vigilance when dealing with management services or investments.
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