A $3.6 billion Bitcoin scam has been reported in South Africa. Founded in 2019, the founders of South Africa's largest cryptocurrency exchange, Africrypt, disappeared with $3.6 billion in bitcoin after telling investors that the exchange had been hacked.
They told investors 'Bitcoin was hacked. Do not report it to the police or other authorities as it will interfere with getting your Bitcoin back.' However, some investors reported it to the police and it was already moved to another location where it could not be tracked.
However, South Africa's Financial Sector Action Authority (FSCA) said it could not even launch an official investigation. This is because cryptocurrency is not legally recognized as a financial product in South Africa.
There have been several cryptocurrency-related scams so far, but this seems to be the first time such a scam worth 4 trillion won. It is hoped that protection and supervision of Bitcoin property will be established while it has become a national legal currency.