Former Crypto Firm CEO Willie Breedt Declared Bankrupt

Willie Breedt, the alleged Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term and cryptocurrency scammer, has been declared bankrupt, according to a report by News 24.

Earlier it was reported that around 2 000 investors in Breedt's defunct company, VaultAge Solutions (VS), stand to lose around R227 million after promises by Breedt to pay out their investments and growth were not honoured.

According to the news source, one of the biggest investors, who entrusted R7.5 million to Breedt, Simon Dix from Hilton, KwaZulu-Natal, successfully applied for a sequestration order against Breedt on Friday.

The Gauteng High Court in Pretoria granted the order to Dix.

In January this year, Breedt moved from Krugersdorp in Gauteng to the luxury Marina Martinique Estate in Aston Bay near Jeffreys Bay, sources familiar with the matter revealed.

They said that two weeks ago, he went into hiding after some irate investors, allegedly led by a colonel in the South African National Defence Force, called in the services of a group of "debt collectors" to find Breedt and recover their money from him.

Breedt opened a case of intimidation with police in Jeffreys Bay just before disappearing.

While awaiting the verdict of the sequestration application by Dix, investigators managed to track Breedt down at a guest house in the Silver Lakes Estate in Pretoria, according to News 24’s report.

Hiding his identity

Breedt reportedly booked into the guesthouse under the name of a friend, possibly to try and hide his identity.

Shortly after the order was granted to Dix, the sheriff of the court, assisted by the police, the Hawks and a team of specialist cryptocurrency forensic investigators, raided a house in Silver Lakes where Breedt had allegedly been hiding since mid-June.

They served the court order on him while he was with a medical doctor friend who also resides in Silver Lakes, according to the news report.

During the raid, numerous electronic devices, among others a laptop and nano stick, were confiscated.

The nano stick is a secure storage device which might contain information of where the bitcoin and other Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term Breedt traded might be.

Cryptocurrency is usually kept in a crypto wallet, to which only the owner has access.

The group of investors were earlier also granted a court order to freeze two South African bank accounts belonging to Breedt and VS.

Despite rumours that Breedt was arrested on Friday, News 24 confirmed that this was not true.

In the meantime, the South African Reserve Bank has appointed PricewaterhouseCoopers to launch an investigation into VS and all agents who were involved in selling cryptocurrency on behalf of the company, the report said.