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Class action against VaultAge’s CEO brews over $16 million possible exit scam

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Class action against VaultAge’s CEO brews over $16 million possible exit scam

Disgruntled cryptocurrency investors of the now-defunct VaultAge Solution, a company that trades cryptocurrencies on behalf of clients, have been preparing a step forward to recover their supposed lost funds. They are planning a class action against VaultAge’s CEO, Willie Breedt.

Investors prepare class action against VaultAge’s Breedt

According to the report by News24, the investors held a meeting on Tuesday with advocates to plan a class action against VaultAge, as a step forward to seeking relief of their investment in the company, which they assume have been lost. “We aim to have the application where we will seek relief from the court, before the High Court at the end of the week,” one of the Investors said.

Having talked with advocates, the plaintiffs concluded that they are going to file the planned class action against VaultAge’s Breedt later this week, precisely at the High Court in Port Elizabeth, according to the report.

Failed promises of repayment

About 2,000 people who invested in the defunct digital currency trading company are worried that they might have lost their money to a supposed exit scam. Despite several promises by the CEO of VaultAge to repay these funds, the investors are yet to receive their money.

At first, Breedt blocked contacts with his company’s investors after he moved to Mozambique for a holiday in December. Later in January, the company’s offices were closed after Breedt reportedly went to the hospital. The investors were only fed with messages that the money will be distributed to them accordingly, after assuring them that the funds were still intact.

Amid several failed promises to refund the plaintiffs, it is assumed that $16,649,639 (R277 million) belonging to the investors were on the verge of being lost completely. Although the investors will be filing a class action against VaultAge’s CEO, the matter is currently being examined by the Hawks in Limpopo, as he forged a payment document claiming to be evidence that he already settled with one of the plaintiffs.

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