SA bank accounts of alleged bitcoin scammer frozen

Willie Breedt, CEO of VaultAge Solutions who is alleged to have scammed bitcoin investors out of millions.
Willie Breedt, CEO of VaultAge Solutions who is alleged to have scammed bitcoin investors out of millions.
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  • The South African bank accounts linked to alleged local bitcoin scammer Willie Breedt have been frozen.
  • Investors approached the high court after not getting their money back. 
  • Breedt's whereabouts are currently unknown. 

The South African bank accounts linked to alleged bitcoin scammer Willie Breedt - who is also the CEO of the now defunct cryptocurrency agency VaultAge Solutions (VS) - have been frozen.

Court orders to have his bank accounts frozen were served on at least two of the major banking institutions in the country.

Investors who entrusted their money to Breedt approached the Eastern Cape High Court in Port Elizabeth for a relief order after numerous promises by Breedt over the past seven months to have their money paid out were allegedly not kept.

Gordon Kayser of GTA Kayser Attorneys in Pretoria acted on behalf of 300 of the 2 000-plus investors in Breedt's scheme.

Whereabouts unknown

After numerous attempts by various investors to convince Breedt, who in January closed his offices in Krugersdorp and then fled to Jeffreys Bay, to pay out their capital failed, an urgent anti-dissipation order was filed against Breedt.

News24 earlier reported that about 2 000 investors paid more than R277 million over to Breedt and VaultAge Solutions invest in bitcoin.

Until a few days ago, Breedt lived in the luxury Marina Martinique Estate in Aston Bay near Jeffreys Bay.

Since then, he has had all his furniture and numerous luxury cars removed from the estate. His current whereabouts are unknown.

Kayser also confirmed that a criminal case was being investigated by, among others, a task team of the Hawks.

"We can't reveal too much about the case as it is currently in a very sensitive phase of the investigation," said Kayser.

Kayser said an investor who had lost around R7.5 million after investing it with Breedt, and who earlier also applied for an interdict against Breedt, had joined the legal action.

His court order was also granted to have further bank accounts belonging to Breedt and VS frozen.

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