Creditors of collapsed South African crypto firm vote to accept offer to revive company – News

Creditors of South African crypto trading firm Africrypt have approved a recent proposal from an unnamed investor seeking to revive the collapsed company.

Africrypt Intellectual Property

In addition to paying $4 million - which will be used to pay off part of the crypto company's debts - the investor is also ready to part with $1 million, which will be used to acquire 51% of Africrypt's shares and the company's intellectual property rights.

As before reported According to Bitcoin.com News, an unnamed investor had suggested investing a total of $5 million in the now-defunct crypto company. While some creditors had expressed their opposition to the investor's proposal to drop charges against Africrypt's two young directors, there was an expectation that creditors would still accept the proposal.

“Not the worst deal”

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

Some seem to think there is useful intellectual property within the company, and the idea is that the company will acquire it as part of the compromise.

However, according to an Africrypt investor who did not want to be identified, the rescue offer presented is not all bad.

"It's not the worst deal you could hope for. We might get 40 cents or 50 cents back in the rand, and the company can be revived in a way that recoups the other funds over time," the investor argued.

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