Africrypt
A South African crypto investment platform (founded 2019) whose founders said it was hacked in April 2021, then left the country. Loss figures are heavily disputed ($3.6B reported vs ~$40–50M later); the founders deny wrongdoing.
Also known as: Africrypt, Raees Cajee, Ameer Cajee
Summary
Africrypt was a South African crypto investment platform founded in 2019 by brothers Raees and Ameer Cajee that promised high monthly returns. In April 2021 the founders told users the platform had been hacked, then left the country; some investors alleged an exit scam. [1][2]
Disputed figures
Early reports cited as much as $3.6 billion (about 69,000 BTC) missing, but the founders' lawyer called that figure inflated, and later investigations placed losses closer to $40–50 million. [1][3] The founders have denied wrongdoing and maintain the platform was hacked. [1]
Status
The matter was investigated by South African authorities; 2026 reporting indicated the brothers had returned to South Africa. These remain allegations and no conviction has been reported. [1][3]
Bracketed numbers refer to the numbered sources listed below.
Linked scams & cases
- CryptoZoo (Logan Paul)RelatedProjectsAn NFT 'play-to-earn' game promoted by Logan Paul in 2021 that never fully launched after raising millions. A Coffeezilla exposé called it a 'rug pull'; Paul apologized and offered refunds. An investor class action against Paul was dismissed; a defamation suit over the 'scam' label was ongoing.
- ProdeumRelatedProjectsA 2018 ICO that claimed it would put fruit and vegetables on the blockchain. After raising only a small amount, the team vanished and replaced its website with a single crude word — a widely cited example of a low-effort ICO exit scam.
People & entities involved
Sources (3)
See also
- Loci (LOCIcoin)TokensA 2017–2018 ICO for 'LOCIcoin' tied to the InnVenn IP-search platform. The SEC charged Loci and CEO John Wise with fraud for raising $7.6M on false claims about revenue, headcount, and user base; Wise also misused investor funds. Settled with a $7.6M penalty and an officer/director bar.
- Blockchain Terminal (BCT)TokensA 2017–2018 ICO (BCT tokens, ~$30M) for a 'Blockchain Terminal' — a Bloomberg-style crypto trading terminal. The SEC and DOJ said convicted ex-hedge-funder Boaz Manor secretly ran it under a fake identity ('Shaun MacDonald'), using associate Edith Pardo as a front, and lied about the product's adoption.
- Crowd Machine (CMCT)Tokens
This page was last updated on Jun 8, 2026. View revision history.