The two brothers who led the Africrypt crypto scam in South Africa are believed to have bought Vanuatu citizen passports. They allegedly stole $ 3.6 billion worth of cryptocurrencies, one of the biggest thefts ever recorded in the industry.

Ameer and Raees Cajee founded Africrypt and it eventually turned out to be a Ponzi scheme that resulted in a theft of $ 3.6 billion. What’s even worse for the victims is that the country’s financial regulator says there is nothing they can do about the case as cryptocurrencies are not regulated.

Vanuatu is an island in the Pacific Ocean and your passport is a Plan B Passport product. The donation program does not tax any donated property and / or investments valued at between $ 100,000 and $ 300,000.

The Guardian reports that people who buy passes for Vanuatu are mostly people with shady backgrounds. The whole process reportedly took about a month to complete. These golden passports are becoming increasingly popular as a quick exit card.

These two brothers appear to have become known through the fraud, but it is not certain whether they are in the dock.

government error Think about crypto regulation

The entire Africrypt incident had a significant impact on South Africa as the scam wreaked havoc and hit investors. This platform was launched in 2019 and it promises investors to get a good return on their investment. It looks like the scam was arranged in advance as one of the brothers asked the investor not to report a suspected hack to authorities.

The incident prompted the government to take more action on the cryptocurrency market. There was also another major scam in the country in 2020, with a total value of $ 1.2 billion in stolen property. Such developments have prompted the Fintech working group to call for regulation.

The organization published “25 Recommendations for a Revised South African Policy, Legal and Regulatory Position on Crypto Assets and Related Activities”. The main priorities include combating money laundering, cross-border payments and regulating the financial sector.

However, it remains unclear whether the government will implement the new changes immediately. Like many other countries, they find it difficult to implement a far-reaching framework. But it seems that governments around the world will sooner or later start suppressing the crypto market.

Minh Anh

According to Beincrypto

Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page