Bitcoin Investors Reportedly Lose Millions in South African Exit Scam

Monday 01 June 2020, 7:10 AM AEST - 3 months ago

South African cryptocurrency investors are accusing the CEO of VaultAge Solutions of stealing millions in crypto before going on the run.

According to a report by AllAfrica, Willie Breedt, the CEO of cryptocurrency investment firm VaultAge Solutions, is presumed to be on the run after not making public communications since December 2019. The report claims Breedt was speculated to be staying near the town of Jeffreys Bay and that his whereabouts where being looked into by the countrys criminal investigation unit.

However, South Africans who invested cryptocurrency with the now-defunct firm fear the CEO may have fled the country for Mozambique.

Breedt is accused of stealing millions from bitcoin investors. The report claims VaultAge Solutions is not registered as a legitimate financial institution with the Financial Services Conduct Authority (FSCA), despite having more than 2000 investors.

The report quoted investor Lettie Engelbrecht from Krugersdrop,

We are pensioners and invested R200 000. From December until April, we received payments on the growth of our investment. Since then, we never got any money. We are desperate and living on a shoestring budget.

One South African investor reportedly had deposited more than R6 million ($342,000) with Breedts company.

Breedt delivered a written reply to local outlet News24, explaining,

I am busy attending to the commitments I have made to members. The commitment is to have all the initial capital paid back by 31 May.

Colonel Katlego Mogale of the Directorate for Priority Crime Investigation (DPCI) said authorities are investigating the case but cannot reveal any more information at this stage.

Featured Image Credit: Photo via Pixabay.com

Read full story on CryptoGlobe