Bitcoin brothers who vanished ‘with £2.5bn stolen crypto’ could WALK FREE after mystery trader’s bombshell offer

Bitcoin brothers who vanished ‘with £2.5bn stolen crypto’ could WALK FREE after mystery trader’s bombshell offer

11/18/2021

THE Bitcoin brothers who vanished with 2.5billion of stolen crypto could walk free after a mystery trader made a bombshell offer to buy their company.

Traders Raees Cajee, 21, and Ameer, 18, fled South Africa in April after telling investors their firm, Africrypt, had been hacked and all its funds stolen.


The men have denied all wrongdoing and claimed they were forced to flea due to "death threats" from "organised crime syndicates".

But in a bizarre turn of events this week, a mystery investor has offered to bail out the company on one condition – that all charges against the Cajee brothers should be immediately dropped.

The lone-wolf investor proposed injecting £3.7million into the now-defunct crypto business in exchange for 51 per cent of Africrypt's shares and intellectual property rights, according to Moneyweb.

Under the deal, £2.9million will go to paying off the firm's debts while £800,000 will go towards buying the business.

Ruann Krugar, who represents Africrypt's liquidators, said there was "a belief among some that there is some useful intellectual property in the company, and the idea is that the company will acquire this as part of the compromise".

Another eyebrow-raising condition put forward by the anonymous investor is that the Cajee brothers be reinstated to Africrypt's board along with one of the liquidators, according to The South African.

Investors have described it as a "get out of jail free card" for the Cajee brothers but backed the deal in an 11th hour vote on Friday.

"It's not the worst deal one could hope for," said one shareholder, who wished not to be identified.

"We get maybe 40c or 50c back in the Rand, and the company may be revived in such a way that the other funds are recouped over time."

The condition is not legally binding and the final decision to prosecute the boys rests with South Africa's National Prosecuting Authority.

SHADY TRANSACTIONS

Raees and Ameer have categorically denied stealing £2.5billion in Bitcoin and claim that no more than £3.6million had gone missing, they told the Wall Street Journal.

South African police said Raees and Ameer sold off their Lamborghini Huracan, a luxury suite at one of country's most expensive hotels and a rented beachside apartment in Durban weeks before their disappearance.

They then sent investors an oddly-worded email begging them not to alert authorities about the hacking because it would "delay" the retrieval of money.

Ameer told stakeholders that it was "unknown to us the extent of personal client information breached during the attack".

Lawyers also claim the shady traders kicked staff off Africrypt's end programmes seven days before the alleged attack.

An investigation into the ordeal found that in November 2020, investors noticed a string of strange transfers from their Bitcoin wallets using "dark web" technologies – effectively rendering them untraceable, according to a law firm representing investors.

"We were immediately suspicious as the announcement implored investors not to take legal action," law firm Hanekom Attorneys, which is representing investors, later said in a statement.

Lawyers claim Africrypt smuggled the funds out by pooling investor cash with other Bitcoin transactions in order to make them untraceable.

Gerhard Botha, a Johannesburg lawyer representing 58 investors, was able to obtain a provisional liquidation order against the fugitives.

The brothers had until July 19 to argue against the liquidation, The Post reported.

Ameer and Raees launched Africrypt in 2019 and were lauded for the success of their company in a December cover story by local outlet The Umhlanga Magazine.

The story has since been taken offline.

The boys have also applied for Vanuatu citizenship, stomping up £95,000 each for passports, according to paperwork seen by the Guardian.



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