It’s uncertain how many investors were on board. There are claims the company had several thousand South African investors. But the big money was from the overseas client base. And there could be tens of thousands of investors.
Raees is a child prodigy. He is credited with creating a trading algorithm that allowed the family to trade while he and Ameer were in school. The home-based crypto platform was getting amazing returns. And it was getting a lot of attention.
Raees trading platform was so successful that it attracted the attention of Huobi, a Chinese crypto platform. The firm flew him to China to attend meetings with Chinese cryptocurrency experts.
Africrypt unravels
In April 2021, CEO Ameer sent a notice to Africyrpt traders. He claimed that the company’s systems were hacked. The strange email was begging them not to alert authorities. And claimed if they did, it would “delay” getting the money back.
Ameer also added that it was “unknown to us the extent of personal client information breached during the attack”.
