London Daily

Focus on the big picture.
Monday, Jul 13, 2026

South Africa Crypto Exchange Brothers Disappear After Client Cash Vanishes

South Africa Crypto Exchange Brothers Disappear After Client Cash Vanishes

In April, Africrypt COO Ameer Cajee had said that client accounts had all been compromised due to a recent breach in its system
Lawyers for investors in a cryptocurrency exchange in South Africa, which told clients in April their accounts had been hacked, say $3.6 billion has disappeared from the platform and that the two brothers who ran it cannot be traced.

If confirmed, Africrypt's losses would rank among the biggest crypto losses yet. For the whole of 2020, losses in the crypto sector through fraud and other crime were $1.9 billion, down from a record of $4.5 billion in 2019, according to crypto intelligence company CipherTrace.

Africrypt COO Ameer Cajee said in a letter to clients, dated April 13, that client accounts had all been compromised due to a recent breach in its system. The letter, reviewed by Reuters, said Africrypt had halted operations and had "begun the process of attempting to retrieve stolen funds."

It gave no details of how much money was missing and warned clients that trying to get their money back using lawyers would "only delay the recovery process."

Hanekom Attorneys, a law firm hired by some of those who say they have lost money, told Reuters in a statement their investigations had so far found a total of $3.6 billion had vanished from Africrypt. The firm did not immediately respond to a request for comment on how it reached that figure.

Reuters could not reach Africrypt for comment. Calls to Cajee's mobile phone went to voicemail and he did not respond to text messages. The exchanges's website is offline.

Darren Hanekom, a lawyer representing the investors, said that Cajee and his brother and co-founder Raess had been untraceable since the April 13 letter and that he had referred the matter to South Africa's specialist anti-corruption police, nicknamed the Hawks, on April 16.

Bitcoin reached a record high of almost $65,000 on April 14.

Philani Nkwalase, spokesman for the Hawks, said they had so far been unable to open the case because Hanekom Attorneys is based in Western Cape and those seeking to recover their money are in other provinces.

"We advised those individuals to please open cases where they are," he said by telephone. "Go to the nearest police station."

Zakira Laher, Cajee's cousin, who said she was an Africrypt director until she quit in 2019, told Reuters the brothers had been missing since April.

"I say this on behalf of the whole family that we have no idea where they are," she said by telephone. "Around about mid-April, they just stopped talking to us. They're not responding to us in WhatsApp."

Hanekom said he had alerted several other crypto exchanges of the case and that his firm had this month informed South Africa's Financial Sector Conduct Authority (FSCA), but that it could not get involved as it does not regulate cryptocurrencies.

The FSCA's head of enforcement, Gerhard van Deventer, told Reuters in response to questions about Africrypt that crypto currency is not defined as a financial product and that the FSCA did not have jurisdiction to investigate.

"We are in the process of bringing crypto into the regulatory fold," he said.
Newsletter

Related Articles

0:00
0:00
Close
United Kingdom Financial Markets Monitor Business Response to Economic Policy Changes
Scottish Renewable Energy Expansion Highlights Need for Faster Grid Development
Wales and Regions Strengthen Focus on Economic Development Through Tourism and Investment
Retail Industry Warns High Street Businesses Remain Under Pressure
Police Chiefs Highlight Growing Challenges Managing Protests and Public Order
Agriculture Leaders Seek Clarity on Post-Brexit Farming Support and Environmental Rules
Transport Unions Warn of Further Industrial Action Over Pay and Working Conditions
Welsh Tourism Sector Reports Strong Growth Driven by Domestic and International Visitors
National Infrastructure Review Gains Support as Leaders Seek Faster Project Delivery
Financial Markets Assess Impact of United Kingdom Corporate Tax Policy Changes
Northern Ireland Assembly Debates Cross-Border Trade and Infrastructure Cooperation Plans
Government Opens Consultations on Housing Reform and Planning System Changes
Scottish Government Faces Pressure to Accelerate Offshore Wind and Grid Expansion
National Energy System Operator Warns Grid Investment Is Needed for Future Electricity Demand Growth
United Kingdom Research Council Invests in Artificial Intelligence and Biotechnology Innovation Hubs
United Kingdom Expands Oversight of Skilled Worker Visa Sponsors Amid Migration Debate
Cross-Party MPs Call for National Infrastructure Strategy Review to Accelerate Economic Growth
Prime Minister Announces One Billion Pound NHS Funding Package Ahead of Winter Pressures
Bank of England Signals Cautious Approach to Interest Rates as Inflation Remains Above Forecasts
World Cup Visitors Turn American Big-Box Stores Into Souvenir Stops
Netflix Weighs Always-On Channels, Bundles and Short-Form Video
Passenger Is Pulled Partly Outside Ryanair Jet After Window Fails Mid-Flight
Innovation-led growth strategy
Public service reform pressure
Defence and industrial security
Labour leadership transition and economic reset
Northern England Pushes for Greater Influence in Britain’s Future Economic Model
UK Technology Strategy Focuses on Life Sciences, Digital Innovation and Research Investment
Britain and United States Maintain Focus on Pharmaceuticals Cooperation and Industrial Growth
UK Public Services Face Continued Pressure as Government Promises Visible Improvements
Regional Economic Power Becomes Key Theme in Britain’s Next Political Phase
Britain Expands Support for Small Businesses as Firms Seek Better Access to Finance
UK Economy Remains Central Political Challenge as Cost of Living and Growth Concerns Persist
National Health Service Introduces New Workplace Reviews to Improve Conditions for Healthcare Staff
UK Life Sciences Sector Secures More Than Three Billion Pounds in Investment to Support Innovation
Britain Strengthens Defence Strategy as Security Concerns Reshape Military and Industrial Policy
Andy Burnham Promises Stronger UK Defence Industry and Expanded Domestic Production
UK Government Faces Difficult Spending Choices as Labour Leadership Transition Approaches
Rachel Reeves Warns Andy Burnham of Immediate Economic Challenges After Expected Leadership Change
Andy Burnham Prepares to Lead UK Government With Plans for Regional Power Shift and Economic Reset
Government Creates Emergency Support Scheme for Financially Struggling Universities
United Kingdom Replaces Traditional Farm Subsidies With Payments Linked to Environmental Performance
National Grid Reports First Week of Electricity Generation Without Fossil Fuels
United Kingdom Financial Regulator Introduces Tougher Capital Rules for Cryptocurrency Exchanges
Belfast Harbour Expands Operations to Attract Investment Through United Kingdom and European Union Market Access
Scottish Government Threatens Legal Challenge Over Westminster Cuts to North Sea Transition Funding
United Kingdom Accelerates Trans-Pennine High-Speed Rail Project Linking Northern Cities
United Kingdom Secures Ten Billion Pound Investment for Cambridge Quantum Computing Campus
Port Talbot Steelworks Wins Support for Green Hydrogen Transition and Protection of Industrial Jobs
United Kingdom Sends Royal Navy Carrier Strike Group to Indo-Pacific as Regional Security Focus Expands
×