South Africa had a pretty exciting week when it comes to happenings in the cryptocurrency industry. The biggest heist of coins took place, and nobody seems to know how to recover these digital assets.
Two brothers Ameer Cajee and his younger brother Raees Cajee seem to be involved in it. Both operated a crypto investing platform called Africrypt. They seem to have disappeared with assets worth $4 billion (R57 billion) at their peak in April, making this one of the biggest dollar loss scams.
Before Thursday, Bloomberg revealed that the siblings were investigated by a Cape Town law office employed by financial investors of the Africrypt, who became skeptical recently after having been implicated that there had been a hack.
Unfortunately, authorities have said that investors aren't protected by law since cryptocurrency exchanges aren't regulated in South Africa.
Regulator to the Financial Services Conduct Authority said, "At this stage, we have only found evidence of crypto-asset transactions. Currently, crypto assets are not regulated in terms of any financial sector law in South Africa, and consequently, the FSCA is not in a position to take any regulatory action."
Presently cryptocurrency is not a lawful means of trade. However, South Africa is thinking about regulating it shortly.