Anonymous South African Investor Proposes $5 Million for 51% of Bankrupt Crypto Firm Africrypt

Nov. 12,An anonymous investor has proposed to acquire 51 percent of the shares of bankrupt South African crypto investment firm Africrypt for $5 million. However, in exchange for the offer, the investor wants the plaintiff to drop all criminal proceedings against Africrypt's directors. According to Moneyweb, creditors of South African crypto investment platform Africrypt will vote on the compromise on Nov. 12, 2021. However, it will only become a court order if it is supported by 75% of the creditor group. This comes after the company collapsed when two of its young directors, Raees and Amir Cajee, reported a breach of the company's systems. Shortly after claiming that Africrypt had been hacked, Cajees disappeared with his investors' money, and Africrypt's investors therefore filed a legal action against the two directors. As part of the compromise offered to the creditors, the investor will pay $4 million to cover the creditors' claims against Africrypt. The remaining $1 million will be used to boost the company's working capital. In addition to trying to save Africrypt and protect two directors from possible criminal prosecution, the investor has proposed hiring the Cajee brothers and appointing liquidator Eugene Januarie to Africrypt's board of directors.