Investors in the now-defunct South African cryptocurrency platform Africrypt have recently received partial reimbursement of investment funds. This sum was paid by Pennython Project Management LLC as part of a settlement proposal that may end the claim against Africrypt’s out-of-control directors.

White Knight Investor Identity Revealed

According to a report, investors in the collapsed South African cryptocurrency investment platform Africrypt recently started receiving payments from a so-called white knight investor.

According to Itweb Report, Which named Pennython Project Management Co., Ltd. as the previous unnamed After most people chose to accept the offer, Africrypt investors began to receive payments. As previously reported in Bitcoin.com news, Pennython Project Management Company has proposed to pay 65% ??of every dollar invested.

Although some investors are reported to be dissatisfied with the proposal, the Itweb report quoted Ruann Kruger, a lawyer representing the provisional liquidator of Africrypt, as confirming that most people have accepted the proposal. In fact, according to the report, as of December 17, the equivalent of US$8.4 million or (131 million rand) had been paid to 199 creditors.

The report also revealed that most investors’ decision to accept the Pennython Project Management Company’s proposal may result in the court rejecting Africrypt’s liquidation application. The next court hearing for this application is scheduled for January 22, 2022.

Anonymous Director of Pennython Project Management

Although the identity of the investor behind the settlement proposal has now been disclosed, the report pointed out that the name of the Pennython project management director has not been disclosed. The report indicated that an agreement had been reached not to reveal their identities. This led to claims that the two young directors of Africrypt, Raees and Ameer Cajee, were actually behind the Pennython project management company registered in Dubai.

After reporting that their platform was hacked, Raees and Ameer Cajee fled South Africa, claiming their lives were in danger. At the time, it was initially reported that the brothers disappeared with approximately US$3.6 billion in investor funds. Cajees, whose whereabouts are unknown, insists that the actual number of missing funds is far below this number.

Allegedly, the payment to investors that was supposed to be completed before December 22 effectively ended all claims against the Cajee brothers, and, as one lawyer suggested, this provided them with an “opportunity to revive their business. “.

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Terence Zinwara

Terence Zimwara is an award-winning journalist, writer and writer from Zimbabwe. He has written a lot of articles about the economic difficulties of some African countries and how digital currencies can provide a way out for Africans.