“On behalf of the provisional appointed Liquidators of Africrypt (Pty) Ltd (in provisional liquidation) Eugene Januarie and Welcome Norman Jacobs, from the firm Kruger Co Attorneys, obtained an urgent court order on the 27th of July 2021, authorizing the liquidators to exercise all their powers as described in section 386(4) and (5) of the Insolvency Act and includes leave for the Liquidators to conduct an urgent commission of enquiry into the affairs of AFRICRYPT (PTY) LTD and their related companies in terms of the provisions of section 417 and 418 of the Act. The information sought during such an enquiry, are documents and information that cannot be obtained or tested in terms of the Rules of Court and will cause prolonged proceedings. It is the intention of the Liquidators to utilise the information and evidence obtained during the enquiry, to launch applications against any party and to claim payment of the monies indebted to the insolvent estate, which was misappropriated. 

The directors of AFRICRYPT (PTY) LTD intentionally failed to co-operate and are intentionally hampering the investigations into the affairs of the company and an enquiry into the whereabouts of the assets are required to effectively administer the insolvent estate to the benefit of creditors and investors. There exists a high probability that assets and funds were moved from the business of Africrypt into the names of the Directors, related companies, and close corporations to the detriment of creditors and requires urgent investigation.

In Raees Cajee’s opposing affidavit, as director of Africrypt (Pty) Ltd, he allegedly performed the “operational, administrative and marketing functions” on behalf of ReaCreate Wealth Limited, under the name of “Africrypt” which is described as the trading name of ReaCreate Wealth Limited and Recreate Wealth (Pty) Ltd (the South African entity) and RWCSA 

The so-called breach occurred on 12 April 2021, causing a loss of approximately R84 000 000.00 (Eighty-Four Million Rand), although an amount of R200 000 000.00 (Two Hundred Million Rand) had been received and invested on behalf of investors. 

These amounts raise the following queries: 

i.   What is the status of the available residue of R116 000 000.00? 

(One hundred and Sixteen Million Rand); 

ii.   Is the aforesaid residue a balance of original investments, or does it include gains and losses; as well as withdrawals by investors; 

 iii. Why has no communication been issued by Recreate Wealth (Pty) Ltd or 

ReaCreate Wealth Limited to address such losses as was the case with Africrypt as on 13 April 2021, when a notice that was sent out by Africrypt (although it is recorded that Africrypt’s responsibilities were operational, administrative, and marketing functions of Recreate Wealth (Pty) Ltd and ReaCreate Wealth Limited).

With the Liquidator’s extended powers, they will be able to investigate and interrogate the relevant parties, directors, and their related companies during the enquiry to uncover the mystery behind this ostensible “Bitcoin heist”.

The Liquidator’s main objective is to track down assets, attempt to gain access to Africrypt systems and their source codes to recover Bitcoin wallets and funds invested and lost by investors.

In this endeavour, the Liquidators have further secured the services of Mahier Tayob of Tayfin Forensic Investigative Auditors to conduct forensic investigations into the affairs of Africrypt and related entities.

– Ruann Kruger on behalf of Kruger & Co Attorneys