• Willie Breedt, the CEO of VaultAge Solutions, allegedly defrauded over 2,000 investors and stealing around $16.3 million.
  • Breedt has been handed a sequestration order by a local South African court. 
  • Authorities have confiscated Breedt’s laptop and a Ledger Nano cryptocurrency hard wallet.

A local South African court has declared Willie Breedt, CEO of cryptocurrency investment firm VaultAge Solutions, bankrupt while he was on the run from investors. Breedt was accused of defrauding over 2,000 investors and stealing around $16.3 million. According to a recent News24 report, the CEO has been handed a sequestration order by the Gauteng High Court in Pretoria. A sequestration order is a court-delivered order that forces a debtor into bankruptcy. 

Before going into hiding a couple of weeks ago, Breedt had opened a case of intimidation with police in Jeffreys Bay. A few debt collectors hired by frustrated investors had tracked him down at a guesthouse in the Silver Lakes Estate in Pretoria, which he had booked using a fake name. 

After the sequestration order was granted, South Africa’s Directorate for Priority Crime Investigation, aka "the Hawks," raided the guesthouse. They confiscated a laptop and a Ledger Nano crypto hard wallet, which is suspected of containing some of the stolen funds. Breedt has not been arrested, according to the News24 report. 

South Africa’s central bank has ordered PricewaterhouseCoopers (PwC) to investigate VaultAge Solutions and the agents who might have carried out transactions on the company’s behalf.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Bloodbath in the crypto markets as investors realize profits

The cryptocurrency market has painted red on Thursday during the European session as traders and investors have started taking profits. As discussed earlier in the day, a correction was around the corner, mainly due to the cryptocurrency fear and greed index at a record high.

More Cryptocurrencies News

Cardano Price Prediction: ADA must overcome a massive supply barrier to extend a recovery

Cardano (ADA) has climbed to the 8th position in the global cryptocurrency market rating. The coin hit $0.194, the highest level since July 2020, on November 24, before the correction started.

More Cardano News

Greed among cryptocurrency investors soars to the highest level ever recorded

The cryptocurrency market has been on a consistent and remarkable rally since the beginning of November. Most crypto assets are trading at levels not seen since 2017 and early 2018.

More Cryptocurrencies News

Bitcoin price shows four signs of a market top that may lead to a correction towards $13,000

Downside corrections are not something to be fearful of. They are an essential part of a bullish trend, and a sell-off always comes after a strong rally, just like the dusk always comes after the dawn.

More Bitcoin News

BEST CRYPTO BROKERS/EXCHANGES




Bitcoin Weekly Forecast: BTC makes new yearly highs while its network activity looks worrisome

Bitcoin has lived through the best week since February 2018. The pioneer digital currency price gained over $2,000 in less than seven days. The bullish momentum allowed it to reach a new multi-year high of nearly $18,800, marking November 2020 one of the strongest bullish months ever. 

Read the weekly forecast

BTC

ETH

XRP