Investors In South Africa Concern To Lose Millions In Cryptocurrency Exit Scam

Priyanka Kulkarni
Priyanka Kulkarni, post-graduated in Business Administration holds worthy experience in market research and investment banking. She is passionate to flaunt her perception towards cryptocurrencies.
  • The cryptocurrency investors are accusing the CEO of VaultAge Solutions, who made a run after stealing millions of cryptocurrencies.
  • Per sources, the firm reported fugitive after the CEO, Willie Breedt, axed all the communications since December 2019.
  • The CEO blamed for thieving millions of virtual currency from the investors.

Yet another scam is knocking the door of South Africa. The cryptocurrency investors are accusing the CEO of VaultAge Solutions, who made a run after stealing millions of cryptocurrencies.

Investors have poured millions into Breedt’s cryptocurrency scheme

Per sources, the firm reported fugitive after the CEO, Willie Breedt, axed all the communications since December 2019. The report reveals that Breedt estimated to reside near the town of Jeffrey’s Bay. He has been under surveillance by the country’s Criminal Investigation Unit.

However, the Hawks investigating the case say they could not disclose enough information about their examination.

As per the Department of Home Affairs, on December 21, Breedt had flown away for Mozambique via the Kosi Bay border post. Further, there are no signs on the system he had returned to the country.

The CEO blamed for thieving millions of virtual currency from the investors. Moreover, the report claims that VaultAge Solutions is not an authorized firm with the Financial Services Conduct Authority (FSCA). The company holds more than 2000 investors.

Investors concern about their Money

This misleading act caused many investors to lose a large number of funds. A South African investor has deposited more than R6 million with Breedt’s firm in cryptocurrency.

Besides this, Breedt provided a written response to the local platform News24. He explained that he is busy attending to the commitments he made with the members. He added that all initial capital would be paid back by May 31.

Meanwhile, the investors are worried that they will never receive their money back. Though, South Africa concerned as the biggest future crypto market. The country also found as the mainstay of some of the biggest cryptocurrency scams.

We Recomaned

Top Rated Trading Platforms

Top Rated Cryptocurrency Exchange

Partners