Bitcoin Brothers Return to South Africa: Africrypt Scandal

Bitcoin Brothers Hiding in Zimbali Estate

The “Bitcoin Brothers” Raees and Ameer Cajee in South Africa have quietly returned to the country years after the collapse of the crypto investment platform Africrypt. The Carte Blanche investigative program revealed that the brothers are living in the gated Zimbali Estate in KwaZulu-Natal. Journalists tried to approach the property but were blocked by private security. Traces of them were also found at the Umhlanga resort and Johannesburg addresses, but direct contact could not be established. Lawyer Gerhard Botha, representing an investor, stated that approximately $50 million in losses were incurred and legal documents still could not be served.

A fund manager claims his losses would have been worth $50 million today. Source: Carte Blanche

Africrypt Collapse and Dubai Escape

Africrypt accepted South African Rand and crypto investments by promising 13% monthly returns with an AI-based proprietary trading system between 2019-2021. On April 13, 2021, the platform collapsed amid hack claims, and the brothers fled to Dubai. The loss amount is estimated at around 40-50 million dollars. Ameer Cajee was arrested in Switzerland in 2021 while visiting safe deposit boxes containing crypto but was released on bail. Check current data for BTC detailed analysis.

South African Central Bank Highlights Crypto Risks

The South African Central Bank defined crypto assets and stablecoins as new risks to the financial system in the 2025 Financial Stability Report; it highlighted 7.8 million users and $1.5 billion in custodial assets on country exchanges. Stablecoins are taking the place of major tokens like BTC futures due to low volatility.

Similar Losses: Hive and Metaplanet BTC Impairments

Scandalous losses recall current BTC market fluctuations. Bitcoin mining company Hive suffered a $91 million net loss due to accelerated depreciation but increased its hash rate. Metaplanet reported a $619 million net loss in Bitcoin valuation; its assets reached 35,102 BTC. BTC is currently at 68,023 USD, in a downtrend with a 24h -0.68% drop (RSI 35.06). Strong supports: 65,423 USD (⭐ STRONG, -3.85%) and 60,000 USD. Resistances: 70,139 USD (⭐ STRONG, +3.08%).