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SA Africrypt Victms Receive Part Payment of Invested Funds

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Crypto investors in Africrypt, the now-closed South African crypto platform, were recently reimbursed a portion of their invested funds. The payments were made by Pennython Project Management LLC as part of a settlement offer that potentially ends claims against Africrypt’s runaway directors.

According to Bitcoin.com, Investors in Africrypt, a collapsed South African cryptocurrency investment platform, recently began receiving payouts from a so-called white knight investor, a report has said.

According to an Itweb report, which named Pennython Project Management LLC as the previously unnamed party, Africrypt investors began receiving the payouts after a majority opted to accept the tabled offer. As previously reported by Bitcoin.com News, Pennython Project Management had proposed to pay an equivalent of 65% of each dollar invested.

Also Read: South Africa’s Africrypt $3.6 Billion Bitcoin Saga Continues, to Testify in Court Via Virtual.

Although some investors were reportedly not happy with the offer, Ruann Kruger, an attorney representing Africrypt provisional liquidators, is quoted in the Itweb report confirming that most had accepted the proposal. In fact, according to the report, claims with an equivalent value of $8.4 million or (R131 million) had been paid out to 199 creditors by December 17.

The report also revealed that the decision by a majority of investors to accept Pennython Project Management’s offer might result in the dismissal of a court application to have Africrypt liquidated. The next court hearing for this application has been set for January 22, 2022.

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