A South African national accused of stealing up to $16.3 million from around 2,000 investors via VaultAge Solutions scheme

By Selena On Jul 6, 2020

Willie Breedt, CEO of cryptocurrency investment firm VaultAge Solutions, officially declared bankruptcy while fleeing 2,000 investors via the VaultAge Solutions scheme.

Source: News24

VaultAge Solutions CEO has been tracked down by South African authorities because of VaultAge Solutions scheme

According to News24, Breedt has been suspected of defrauding more than 2,000 investors, with a total loss of $ 16.3 million. So far, Breedt was handed a sequestration order by the Gauteng High Court in Pretoria.

This order was issued after Breedt evaded duplicated investors – who were seeking the return of around 277 million South African rand ($ 16.3 million) they had placed with VaultAge for investment in cryptocurrencies.

Investors assigned debt collectors to try and recover their losses. Breedt had told police he was being intimidated before he disappeared.

He was discovered by investigators hiding in a guesthouse in Silver Lakes Neighborhood in Pretoria. After the court order was issued, a raid was conducted at the Silver Lakes facility by the court sheriff, South African police, and organized crime unit called the Hawks and a team of forensic investigators specializing in cryptocurrency crimes.

Several confiscated electronic devices include laptops and Ledger Nano hardware wallets – a device for storing cryptocurrency.

The Reserve Bank of South Africa, the country’s central bank, has now assigned PricewaterhouseCoopers to investigate VaultAge Solutions and the agents involved in selling cryptocurrencies to the now-defunct company. The reordering order resulted from a lawsuit filed by one of the company’s largest investors, Simon Dix. They said he owed the company 7.5 million rand (nearly half a million US dollars).

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