[jonathanlydall]

South African here, I’m also wondering how they acquired so much Bitcoin.

The figure is slightly inflated as it’s the value at Bitcoin’s high earlier this year, but it’s still a lot.

My theory is lots of international customers as I don’t see our market being big enough, thumb sucking, but I reckon 2/3 of our country earns less than 500USD a month. Maybe their customers are from other African countries, but it feels unlikely to be enough.

Perhaps they had some “whale” clientele from several different countries.

I wouldn’t personally think the “Afri” in their name is particularly meaningful, it’s just a naming thing, but maybe some people treat it differently.

[miohtama]

A lot of might be money laundering from existing crimes, because of weak compliance controls in exchanges and countries like SA.

Heck, the kleptocratic president and his party was robbing the country for a better decade.