Key Takeaways
- Directors of crypto-based Ponzi scheme set to testify via a virtual platform
- The Cajee brothers claim that Africrypt vaults were hacked and bitcoins stolen
- Investors have successfully gotten court orders to liquidate Africrypt
The Cajee brothers were initially meant to appear before a jury during the second week of September but failed to show up.
The defence team noted that the Cajee brothers were already receiving death threats, and the presiding judge granted an order of extension.
As a result, the meeting has been rescheduled for October 19 to 20 and will only be virtual.
It is also understood that other Africrypt directors have already provided their testimonies via a virtual platform.
For example, one of the directors, Daniel Opperman, noted that he only knew about the alleged hack following news publications from the platform.
Africrypt was one of the biggest crypto investment firms in South Africa before a series of shoddy dealings led to the exchange's closure.
The Cajee brothers claim that the companies' vaults were hacked, leading to the loss of investors bitcoins.
However, many within the financial space believe that Africrypt was a Ponzi scheme that eventually ran its course after scheming victims from their money.
Some investors successfully got a court order to liquidate the company, and South African authorities are looking to prosecute the top directors, including the Cajee twins.
Africrypt is an example of the growing rise of crypto-related Ponzi schemes in Africa that has increased in recent times.
These platforms take advantage of the lack of knowledge from the local populace and promise unrealistic returns.
It remains to be seen whether Africrypt investors will recover some part of their lost funds.
Do you think Africrypt investors will be able to recover their losses?
