Skip to content

The CEO of a cryptocurrency company filed for bankruptcy following a suspected $ 16 million fraud

July 6, 2020

Willie Breedt, a South African Accused of stealing up to $ 16.3 million from around 2,000 investors as part of his VaultAge Solutions planwas forced to file for bankruptcy by a local court.

According to a recent News24 report The abduction order was launched on July 3 by Simon Dix, one of VaultAge’s largest investorsthat Breedt commissioned 7.5 million South African rand, or about $ 440,000.

VaultAge Solutions was founded in 2018 with the promise of weekly returns on customer deposits through mining and cryptocurrency trading and accept deposits from $ 50. Investors in the plan have reportedly received only 1% of the expected profit.

Breedt hid in South Africa, not in Mozambique

The CEO of a cryptocurrency company filed for bankruptcy following a suspected $ 16 million fraudThe CEO of a cryptocurrency company filed for bankruptcy following a suspected $ 16 million fraud

Before I hid myself about two weeks ago, The VaultAge operator opened a police harassment case in Jeffreys Bay.

A group of debt collection agencies hired by angry investors made him a hostel on the Silver Lakes estate in Pretoria., in which he registered with a wrong name. Earlier reports suggest that VaultAge’s CEO fled the country to Mozambique in December 2019.

Shortly after the kidnapping order was issued, the South African Directorate for Priority Crime Investigation, known as “the hawks”, cleared the place, Seizure of a laptop and a Ledger Nano physical cryptocurrency wallet that could hold some of the missing funds. According to News24, Breedt has yet to be arrested.

In addition, the South African Reserve Bank has reportedly commissioned PwC to investigate VaultAge and all agents who may have conducted transactions on its behalf.

Breedt’s bank account, which previously contained $ 3.15 million, was cleared earlier this month.