Creditors of the collapsed South African crypto company vote to accept the proposal to revive the company – News Bitcoin News


Creditors of South African crypto trading company Africrypt have agreed to a proposal recently made by an unnamed investor who is seeking to revive the failed company.

Africrypt’s intellectual property

In addition to paying US$4 million-which will be used to repay part of the crypto company’s debt-investors are also willing to allocate US$1 million for the acquisition of 51% of Africrypt and the company’s intellectual property.

As before Report According to Bitcoin.com News, an unnamed investor proposed to inject $5 million into the now-defunct crypto company. Although some creditors expressed disagreement with the investor’s proposal to withdraw the criminal charges against the two young directors of Africrypt, it is expected that the creditors will still accept the proposal.

‘Not the worst deal’

In fact, as Moneyweb reports explain, The majority of creditors voted for the proposal because it represents a more realistic result for many of them. Ruann Kruger, the legal representative of the Africrypt liquidator, aptly summarized this sentiment. Kruger said:

Some people seem to believe that the company has some useful intellectual property rights, and the company’s idea is that as part of a compromise, the company will obtain these intellectual property rights.

At the same time, according to an Africrypt investor who asked not to be named, the rescue offer is not exactly a bad offer.

“This is not the worst deal that people have hoped for. We might get 40 cents or 50 cents rand, the company might revive in this way, and other funds will be recovered over time,” the investor Argued.

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