The two brothers behind the Africrypt crypto scam in South Africa have reportedly bought citizenship passports for Vanuatu. The pair are alleged to have pilfered $3.6 billion worth of cryptocurrency, one of the biggest thefts ever recorded in the industry.
Ameer and Raees Cajee founded Africrypt, and it eventually proved to be a Ponzi scheme, which led to the theft of $3.6 billion. What’s worse for the victims is that the country’s financial regulator said that it cannot act upon the case, as cryptocurrencies were not regulated.
Vanuatu is an island in the Pacific, and the passport itself is the product of a company called Plan B Passport. The donations scheme allows for assets to be protected from taxation for donations and/or investments worth between $100,000 and $300,000.
The Guardian reports that the individuals buying passports into Vanuatu are largely those with shady backgrounds. The whole…