Willie Breedt, CEO of VaultAge Solutions, is on the run from investors after defaulting in payments.
The CEO of the South African crypto firm declared bankruptcy before going off the grid to elude his investors. In the 2 years that VaultAge has been in existence, it’s almost 2000 customers invested over R227 million (about $16.3 million).
Earlier this year, several investors began complaining that they were unable to retrieve their investments from the company. Before long, other investors began having similar experiences.
VaultAge investors recruited professional debt collectors to assist them in retrieving their investments, or what was left of it.
Later, the Gauteng High Court in Pretoria issued Breedt a sequestration order, making him insolvent. Before going into hiding, Breedt had reported to the police that he was being intimidated.
He was later found by the South African police and a crypto investigative team at the Silver Lakes Estate in Pretoria. Several devices in his possession were seized, including a computer and a hardware wallet for storing crypto.
In light of the allegation, the South African Reserve Bank has recruited global accounting firm PricewaterhouseCoopers to head the investigation.
Although the rumour says that Breedt has been found, News24 found that to be false.
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