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$3.6B in Bitcoin vanishes in 'hack' along with owners of South African crypto platform
Billions worth of Bitcoin has reportedly vanished along with the operators of South African crypto firm AfriCrypt. Is it a scam or a hack?
Around 69,000 Bitcoin has vanished from a South African investment platform along with two brothers who owned the crypto firm.
Although the facts are yet to be proven in court, if it turns to be an exit scam rather than a hack, it would be the biggest in history according to Bloomberg. There were warning signs for investors either way, with users reportedly promised returns of up to 10% a day.
Source: https://cointelegraph.com/news/3-6b-in-bitcoin-vanishes-along-with-owners-of-south-african-crypto-platform
Getting returns of 10% a day can be a tell-take sign that this exchange is doing its own ponzi scheme and when the heat is too much to bear they know they could not anymore pay their victims-investors so they decided to just closed shop and run away. I am hoping that the law will be coming after these people. I am also suggesting that strict implementation of the law regarding opening an exchange should be revisited...or maybe make a new law if possible.