NTC Crypto Firm Liquidated After Eleventh-Hour Bid Fails

Crypto firm NTC Global Trade has been liquidated after its eleventh-hour bid to overturn provisional liquidation was dismissed by the Pretoria High Court. The move follows a year-long battle between investors and NTC, which raised roughly R484 million from investors but failed to deploy funds as intended.

A PwC analysis found little evidence that the money was used for crypto-arbitrage activities, with substantial amounts flowing instead to related parties and other accounts. The liquidation comes after investors launched multiple applications to wind up NTC due to unpaid investments and allegations of fraud, insolvency, and dissipation of funds.

NTC's sole director, Edwin Thabo Letopa, argued that the company was not insolvent and had sufficient assets to meet investor claims. However, PwC's analysis showed that money received from newer investors may have been used to fund payments to earlier investors.