CEO declared bankrupt after involvement in alleged $16 million cryptocurrency scam

A South African CEO, Willie Breedt of VoltAge Solutions, is reported to be involved in a cryptocurrency scam, which adds up to $16 million. He is accused of scamming the money from investors through his VaultAge solution scheme. He traded bitcoin and other cryptocurrencies on behalf of investors who entrusted him by promising weekly profits through crypto mining and trading.Many of the investors seem to lose money through substantial stakes in the company.

Cryptocurrency CEO found in Pretoria.

The CEO went into hiding after investors, among them a colonel in the south African defense force, called on services of debt collectors to track down Willie and recover their investments. They tracked him down to a guest house in silver lakes estate in Pretoria. Apparently, he had booked in by the fake name of a friend to hide his identity.

When the sequestration was granted, the authorities from the  South Africa’s Directorate for Priority Crime Investigation raided the house. They confiscated electronics, a laptop, and a ledger nano crypto hard wallet which may contain crucial information where bitcoin and other cryptos involved in the cryptocurrency scam might be. Additionally, two bank accounts were frozen through a court order. Breedt is allegedly claimed to have tampered with proof of payment receipts. One investor received R1,415 instead of R145,500 that was due.another received R20000 while the arrival declared he was paid R2 million.

Investigations against VaultAge

Breedt has been trading since 2018 without any incidences. The first red flags started when, in May 2020, several investors received significantly less returns on their investment. Furthermore, the South African Reserve Bank has also tasked the Pricewaterhouse Coopers to launch investigations into VaultAge, and all agents involved in transactions on their behalf. They will also look into Breedt and other traders at his firm.

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