Chief Executive Officer of South African Crypto Exchange Goes AWOL for Fraud Accusations

Chief Executive Officer of South African Crypto Exchange Goes AWOL for Fraud Accusations

VaultAge Solutions CEO Willie Breedt is on the run from investors following default on payments.

The South African crypto company’s CEO declared bankruptcy before leaving the grid to elude its creditors. It’s nearly 2000 customers spent over R227 million (about $16.3 million) in the 2 years that VaultAge has been in operation.

Several investors have started complaining earlier this year that they could not get their investments from the company. Other investors soon began having a similar experience.

Investors at VaultAge hired professional debt collectors to help them recover their investment or what remains of it.

The Gauteng High Court in Pretoria later ordered Breedt’s sequestration, making him insolvent. Before hiding, Breedt told the police that he was being intimidated.

He was later discovered at the Silver Lakes Estate in Pretoria by South African police and a crypto-investigation team. Many items in his hands have been confiscated including a tablet and a crypto storage hardware wallet.

The South African Reserve Bank has hired PricewaterhouseCoopers to lead the inquiry in the light of the accusation.
Sequestration Order on Breedt
Despite rumors that Breedt has been discovered, News24 has found it a lie. According to a recent News24 story, the sequestration order was initiated on July 3 by Simon Dix — one of VaultAge’s biggest investors, who entrusted 7.5 million South African rands to Breedt, or $440,000.

VaultAge Solutions was established in 2018, offering customer deposit weekly returns by crypto mining and trading, and accepting deposits starting at $50. Investors in the scheme allegedly only received 1% of the benefits gained.

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