Crypto bosses sue BoN N$500k per day

■ Botha personally demands N$5 million on top

■ BoN unfreezes Botha’s account

■ Investigator allegedly appointed unlawfully

• By Hilary Mare

CRYPTOCURRENCY boss Coenie Botha and his cryptocurrency trading company, CBI Exchange Namibia (Pty) Ltd are suing the Bank of Namibia (BoN) for N$500 000 per day starting from March 4 for loss of income as well as N$5 million for Botha in his personal capacity.

This is subsequent to the central bank having frozen the accounts of CBI locking in millions of dollars in investment funds from at least 4 000 Namibians.

An urgent application to unfreeze those accounts on March 18 by CBI only resulted in the High Court ordering that only operational funds should be made available while investor funds remained locked in pending an investigation in terms of Section 10 of the Bank of Namibia Act.

Confidente recently reported that personal accounts of multiple people who are linked to crypto trading were also frozen on instruction from the central bank which has been closely monitoring crypto activities.

Read the full story in this week’s edition.