While you were asleep: R51bn Bitcoin boon turns to bane for local investors

Bitcoin is having everyone on edge. While it recovered from a dramatic rout that briefly wiped out gains for the year a day before, the cryptocurrency staged a comeback.

And as global regulators are stepping up scrutiny of the crypto industry, South African investors saw their boon turn to bane after the owners of their crypto investment platform disappeared into thin air – and with them 69,000 coins worth more than $4bn (R51bn) at their April peak, reports Bloomberg.

Africrypt’s owners, two brothers from Cape Town, allegedly alerted investors in April of a hack attack on the platform and asked them not to report the incident to lawyers and authorities, as it would slow down the recovery process of the missing funds. A big red flag!

In China, crypto miners are fleeing the country after regulators widened their crackdown on the sector. 

Here’s a roundup of the world’s top and most interesting headlines:

SA Business
MTN Group, ZTE accused in US suit of aiding Iraq terror – Bloomberg
Send people to jail, urge business leaders as SA processes trillions lost to corruption – Fin24
Covid-19 is having a startling effect on retirement funds, with suspensions quietly exploding – Daily Maverick

Global Business
Two decades after land grab, Zimbabwe starts paying farmers – Bloomberg
Covid is already deadlier this year than all of 2020. So why do many in US think it’s over? – CNBC
Tears and defiance as Hong Kong’s Apple Daily prints last edition – AFP

Bitcoin is rapidly losing its FOMO appeal – Bloomberg
John McAfee was one of the original genius-but-bizarre CEOs – and Elon Musk should take note – Marketwatch
Three paradigm shifts that will redefine South African politics and the way we do business – Daily Maverick

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