Africrypt founders back in South Africa years after platform collapse: Report

South Africa’s alleged “Bitcoin Brothers,” Raees and Ameer Cajee, person softly returned to the state years aft the illness of their crypto concern level Africrypt, according to a caller TV investigation.

A conception aired Sunday by investigative programme Carte Blanche reported the brace are residing wrong the gated Zimbali Estate successful KwaZulu-Natal, MyBroadband reported connected Monday. According to the report, journalists attempted to attack the spot but were blocked by backstage security.

The squad besides reportedly traced the brothers to a vacation determination successful Umhlanga and a caller code successful Johannesburg, but failed to marque nonstop contact.

Gerhard Botha, a lawyer representing an capitalist who claims to person mislaid astir $50 million, said ineligible papers person inactive not been served. “They tin support themselves. They’ve got security. Because they person money,” Botha told the program.

Cointelegraph reached retired to instrumentality firms representing duped investors for comment, but had not received a effect by publication.

Related: Remittances ‘more important than aid’ arsenic Africa turns to stablecoins

Africrypt pitched 13% monthly returns

The Cajees operated Africrypt betwixt 2019 and 2021, promoting the level arsenic a high-yield crypto concern service. Investors were promised returns of up to 13% per period done a proprietary trading strategy said to trust connected artificial intelligence. The institution accepted deposits successful some South African rand and cryptocurrency.

Africrypt unraveled connected April 13, 2021, erstwhile the founders informed users that the level had been hacked and its holdings stolen. Weeks later, the brothers near South Africa, yet traveling done the Maldives earlier reaching Dubai amid pandemic question restrictions.

Early media reports suggested arsenic overmuch arsenic $3.6 cardinal had disappeared, but consequent investigations placed the fig person to $40 cardinal to $50 million, according to MyBroadband. The nonstop magnitude of capitalist losses remains unknown.

A money manager claims his losses would person been worthy $50 cardinal today. Source: Carte Blanche

The lawsuit drew planetary attraction arsenic the founders moved crossed aggregate jurisdictions, including Tanzania and the United Arab Emirates. Ameer Cajee was aboriginal arrested successful Switzerland successful 2021 portion visiting safe-deposit boxes believed to incorporate hardware wallets holding cryptocurrency. He was released connected bail months later.

Related: South Africa’s cardinal slope says nary ‘strong contiguous need’ for CBDC

South Africa warns crypto, stablecoins airs caller risks

In November 2025, South Africa’s cardinal slope identified integer assets and stablecoins arsenic an emerging hazard to the fiscal strategy arsenic crypto adoption accelerates. In its 2nd Financial Stability Report for 2025, the South African Reserve Bank said users crossed the country’s 3 largest crypto exchanges reached 7.8 cardinal by July, with astir $1.5 cardinal held successful custody astatine the extremity of 2024.

The slope warned that the borderless quality of crypto could let funds to bypass exchange-control rules governing superior flows. The study besides noted that US dollar-pegged stablecoins person progressively replaced Bitcoin (BTC) and different large tokens arsenic the superior trading brace connected section platforms owed to their little volatility.

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