Willie Breedt, a South African Bitcoin baron and founder of VaultAge Solutions, a cryptocurrency trading platform through which people trades Bitcoin and other cryptocurrencies, has reportedly gone into hideout after his customers had demanded their funds.
Breedt’s customers had employed a private group of creditors to reclaim their total funds of 227 million South African Rands which is approximately equivalent to 13.3 Million USD; however, the alleged Bitcoin scammer disappeared two weeks after.
The VaultAge CEO was reported to have been engaging in the cryptocurrency trading business since 2018 successfully without problems, nonetheless the first indication that all was not well with the platform popped up in May 2020 when the majority of its customers received fewer returns for their investments.
Security operatives, who sprang up to action immediately after the sequestration order was granted, tracked Breedt down to a motel in the city of Pretoria where the crypto baron checked-in with a false name, although he was not arrested but was handed a court order.
The police in the bid to speed up the missing fund recovery seized various electronic gadgets belonging to the Baron, which includes a “nano” cryptocurrency wallet and a laptop.
Nevertheless, Breedt came out to tell newsmen that he had not scammed anyone and that the delay experienced with the payment was due to some technical issues.
Prominent Bitcoin Fraudster Apprehended in Indonesia
In a similar development, NewsLogical, reported the arrest of a prominent Bitcoin fraudster, identified as Russ Medlin in Indonesia by the Jakarta Metro Police Cyber Crime directorate.
Medlin, of US origin, was alleged to have unlawfully operated a cryptocurrency Ponzi Scheme, BitClub Network, which was reported to have swallowed a huge amount of user holdings.
The prominent fraudster was, however, apprehended in Kebayoran Baru, South Jakarta after the security operatives received reports of Medlin was perpetrating a crime of child prostitution.
“Bitcoin Scam” tops search suggestion by Chinese Search Engine Baidu
Newslogical also reported that the phrase “Bitcoin Scam” has reportedly topped search suggestion for anything related to Bitcoin on Baidu, a leading Chinese internet search engine.
The term happens to be the most popular about Bitcoin and is reported to pop up for both new and old Baidu users even after clearing cookies.
China, however, remains one of the most advanced in Blockchain technology, even though the country had been the biggest adversary to cryptocurrency and Bitcoin innovation since its launch.
The country despite its recent leniency towards cryptocurrency coupled with the proposed launch of its native digital currency seemed to still have some doubts about Bitcoin.