It looks like another crypto platform has gone bust, leaving all its investors in the dark. This time, the company that has vanished is one called Vault Age Solutions, and the founder – a man named Willie Breedt – is in hiding after learning that his investors are out looking for him.
Vault Age Hasn’t Lived Up to Expectations
It’s scary when your company fails in one way or another. It’s even scarier to know that you have shareholders or investors that are watching your every move and that you must answer to should any problems arise. This is the case for Vault Age, who’s primary executive allegedly filed bankruptcy not too long ago and left approximately 2,000 separate investors with a lot less money than they previously had.
In all, as much as $13 million has been lost thanks to the company’s closure. Vault Age promised to serve its clients as a “digital vault that grew wealth over time,” yet in an ironic twist, it appears the company did the exact opposite. The company said it would “alleviate financial strains from individuals, entrepreneurs, investors and communities,” though now it looks like anyone associated with the venture has more financial strain to deal with than when they began.
It’s hard to know who’s the real victim, here. Breedt – prior to going into hiding – reported to local law enforcement that he was being harassed by former investors, many of whom had called or hired debt collectors to track down Breedt in attempts to regain all the money they lost. It’s hard to see someone in this situation and not have a little sympathy.
At the same time, one could probably argue that Vault Age is a company built on false pretenses. The company was designed to handle media events, yet for one reason or another, offered customers a bitcoin exchange that allowed them to trade, buy, and sell BTC and other cryptocurrencies. Why would a media company offer this? This is the equivalent of an accounting office offering roller coaster rides in its backroom. The two just don’t go together, and one can’t help but wonder if this little financial fiasco wasn’t planned.
This Sounds Familiar…
If that’s the case, it wouldn’t be the first time such an event has occurred. Remember Quadriga CX, the now notorious crypto exchange based in Canada? The company reputedly lost nearly $200 million of account holders’ money after its founder and CEO Gerald Cotten passed while in India. Cotten was the only one with the private keys necessary for accessing consumer funds, and as a result, the entire system was locked out.
The customers have since retorted to harassing his widow and filing class-action lawsuits in attempts to regain the money they’ve lost. Evidence has also emerged suggesting Cotten may have embezzled user funds, meaning Quadriga CX was likely a Ponzi scheme.