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South African police investigating alleged Africrypt bitcoin scam

Authorities in South Africa have launched an investigation into the Africrypt bitcoin (BTC) investment saga, according to Bloomberg on Tuesday, following complaints by people affected by the alleged theft of millions of dollars in BTC. Raees and Ameer Cajee, the two central figures who ran the Africrypt platform, reportedly disappeared in April of last year after informing investors of an alleged hack. Africrypt victims have now urged South African law enforcement to launch a probe into the matter. According to …

‘Coin Signals’ trader pleads guilty to commodities fraud, faces up to 10 years

On November 30, the Department of Justice announced that Jeremy Spence pleaded guilty to commodities fraud in operating “cryptocurrency funds” that were, authorities say, Ponzi schemes that lost investors a total of $5 million. Prosecutors charged Spence, who went by the moniker “Coin Signals,” in January, with a maximum sentence of up to 30 years. Under the terms of the current plea deal, Spence faces up to 10 years. According to the Justice Department, Spence solicited investors into funds promising …