It is reported that the CEO of a cryptocurrency company based in South Africa has fled the country with the money collected from investors and investors are facing a loss of up to millions of dollars in total.
It was stated that after the CEO of a capital-based Johennesburg-based crypto investment company in South Africa was reported as illegal, Bitcoin investors faced a loss of up to millions of dollars. According to the news in AllAfrica, the CEO had completely cut off on communication with him since December 2018.
Continuing the investigation, Polokwane Hawks company announced that investors reacted strongly against this unfair situation. Willie Breedt, former CEO of VaultAge Solutions, is thought to have fled the country by investing millions of dollars in his account.
In South Africa, serious legal arrangements are on the way to reduce such effects of anonymous, secret institutions on people. Many crypto frauds are experienced in the country, despite the fact that the majority’s view towards crypto money is positive and these assets are considered as the currencies of the future.
Only one Bitcoin investor lost $ 350,000
According to many, more than 2,000 Bitcoin investors have invested millions of Rands (South African money) to this company, which looks solid from the outside. Although the company has not received an official document from the Financial Services Authority, it is stated that an investor has placed 6 million rand (approximately $ 350 thousand) in their account at the company. Today, there is no more than 50 dollars in that investor’s account. A few messages from the CEO who is illegal in his e-mail account…
Lettie Engelbrecht, one of the victim users, states that they could not even respond to the demands they made to get their hard-earned money back. Engelbrecht said, “I contacted Breedt. He told me he would definitely pay my money back, but he did not give information about when and how to do it. Since then, I have not been able to answer my questions again. ”
It is stated that most of the customers of the stock exchange are retired people with limited income. For these people, a loss of 200 thousand dollars is an irrecoverable amount, and they want to get back their investments as soon as possible and file a case on the subject.
The company currently conducting the investigation has no idea of where Breedt might be. The CEO is thought to have escaped from the country with millions of thousands of investors.