Cryptocurrency news

Victims of a $17 million cryptocurrency fraud are suing the head of VaultAge Solutions

Victims of a $17 million cryptocurrency fraud are suing the head of VaultAge Solutions

Investors who were victims of a $17 million cryptocurrency fraud are filing a lawsuit in the High court of the South African city of Port Elizabeth against the CEO of VaultAge Solutions.

As it became known at the beginning of the month, the CEO of the cryptocurrency company VaultAge Solutions Willie bredt (Willie Bredt) fled from South Africa to Mozambique in December 2019. Bridt allegedly involved 2,000 investors in a $17 million fraudulent scheme.

After fleeing, bridt cut off all communications with investors, except for one email in which He assured them that the funds were safe and they would get their money back. Local news outlet News24 reports that Bridt has promised to start paying investors by may 30.

However, this did not happen, and now victims of fraud are consulting with lawyers to start legal proceedings against Bridt. They intend to file a lawsuit in the Port Elizabeth High court this week.

The South African Directorate for priority crime investigation is also investigating the case against Britta who allegedly forged payment documents. Although Bridt did not answer questions about his whereabouts or payments to investors, the investigation revealed that his Bank account, which previously held $3.15 million, is now empty.

Cryptocurrency scammers around the world are less likely to escape punishment. In may, the us commodity futures trading Commission (CFTC) accused two firms of fraud with cryptocurrencies and binary options for $15 million, and in April, 14 Chinese citizens were arrested in Malaysia for cryptocurrency fraud.