Creditors of Collapsed South African Crypto Firm Vote to Accept Offer to Resuscitate the Company – News Bitcoin News - Bitcoin Cash News - Make Money Online
January 23, 2022
11 11 11 AM
Decommissioned Power Plant in Armenia to Host Crypto Mining Farms – Mining Bitcoin News
While BTC’s Price Slid Lower, a Miner Spent an 11-Year-Old Block Reward from 2010 Worth $1.8M – Featured Bitcoin News
Russian Banks Begin Testing Digital Ruble Payments – Finance Bitcoin News
NYC Mayor Eric Adams Converts First Paycheck to Bitcoin and Ether via Coinbase – Bitcoin News
Bank of Russia to Monitor Banks’ Dealings With Crypto Exchangers – Finance Bitcoin News
Report – Regulation Bitcoin News
Meta and Instagram Are Exploring an ‘Early Stage’ NFT Feature – Bitcoin News
The World’s First Virtual Mars NFTs Are Selling Rapidly – Sponsored Bitcoin News
Ethereum Fees Drop 35% Since Last Week, Average ETH Gas Fee Still Above $30 per Transfer – Altcoins Bitcoin News
Financial Market Committee Chair Aksakov Joins Calls for Identification of Russian Crypto Owners – Regulation Bitcoin News
Latest Post
Decommissioned Power Plant in Armenia to Host Crypto Mining Farms – Mining Bitcoin News While BTC’s Price Slid Lower, a Miner Spent an 11-Year-Old Block Reward from 2010 Worth $1.8M – Featured Bitcoin News Russian Banks Begin Testing Digital Ruble Payments – Finance Bitcoin News NYC Mayor Eric Adams Converts First Paycheck to Bitcoin and Ether via Coinbase – Bitcoin News Bank of Russia to Monitor Banks’ Dealings With Crypto Exchangers – Finance Bitcoin News Report – Regulation Bitcoin News Meta and Instagram Are Exploring an ‘Early Stage’ NFT Feature – Bitcoin News The World’s First Virtual Mars NFTs Are Selling Rapidly – Sponsored Bitcoin News Ethereum Fees Drop 35% Since Last Week, Average ETH Gas Fee Still Above $30 per Transfer – Altcoins Bitcoin News Financial Market Committee Chair Aksakov Joins Calls for Identification of Russian Crypto Owners – Regulation Bitcoin News

Creditors of Collapsed South African Crypto Firm Vote to Accept Offer to Resuscitate the Company – News Bitcoin News


Creditors of a South African crypto trading firm, Africrypt, have agreed to a proposal recently tabled by an unnamed investor who is seeking to resuscitate the collapsed company.

Africrypt’s Intellectual Property

In addition to paying $4 million — which will be used to pay off some of the crypto firm’s debts — the investor is also willing to part with $1 million which will go towards the acquisition of 51% of Africrypt’s shares and the company’s intellectual property rights.

As previously reported by Bitcoin.com News, an unnamed investor had proposed injecting a total of $5 million in the now-defunct crypto company. While a few of the creditors had voiced their disapproval of the investor’s proposal to have criminal charges against Africrypt’s two young directors dropped, there was an expectation that creditors would still accept the proposition.

‘Not the Worst Deal’

Indeed, as the Moneyweb report explained, a majority of the creditors voted in favor of the offer because this represents a more realistic outcome for many of them. This sentiment is aptly summed up by Ruann Kruger who is the legal representative of Africrypt’s liquidators. Kruger said:

There seems to be a belief among some that there is some useful intellectual property in the company, and the idea is that the company will acquire this as part of the compromise.

Meanwhile, according to one Africrypt investor who did not wish to be identified, the tabled bailout offer is not entirely a bad one.

“It’s not the worst deal one could hope for. We get maybe 40c or 50c back in the rand, and the company may be revived in such a way that the other funds are recouped over time,” the investor argued.

What are your thoughts about this story? Tell us what you think in the comments section below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.



Leave a Reply

Your email address will not be published. Required fields are marked *

sixteen − eleven =