Xodus Gold: Show us the money

Despite meteoric gains in gold, silver and cryptocurrencies over the past 18 months, Xodus Gold’s reported portfolios have failed to keep pace, suggesting significant valuation discrepancies and uncertainty over whether the underlying assets are being accurately disclosed.

Over the past few weeks, the Xodus board has disclosed several different asset valuations, none of which have been supported by independent valuations.

This comes after the board, under the chairmanship of Josias van Zyl, unilaterally froze all investment pools in February last year, leaving members unable to withdraw their funds for 19 months. Frustration among investors has escalated, prompting a liquidation application.

The board’s response has been to expel all members related to the liquidation application, as well as others who have publicly voiced their discontent.

In one of the more striking examples, the board expelled Aninda van der Vyver after her son openly disputed the board’s claim that members had unanimously endorsed both the continued freezing of the pools and a motion of full confidence in the directors at the recent annual general meeting.

According to Moneyweb’s information, more than 15 members have been suspended to date.

It has also come to light that the liquidators of Mirror Trading International (MTI) have issued a summons against Willem Pretorius, the founder and a director of Xodus Gold, and that there was much more trading activity than he disclosed in his answering affidavit to the liquidation application.

ALSO READ: Made some money off Time for Mirror Trading International? It’s time to pay up

Financial calculations

The most contentious issue is whether investors’ money remains within Xodus Gold, as the board has not made the most recent audited financial statements available to members, which should include an independent verification of the assets in the pools.

Public disclosure of these statements would in no way prejudice Xodus, as the value of the assets is determined by international commodity prices, which are set by global supply and demand and lie entirely beyond the co-operative’s control.

Van Zyl has consistently refused to provide the financial statements to Moneyweb, declining to supply even a copy.

However, based on financial information disclosed by Willem Pretorius in an affidavit and in official circulars distributed to members, there is reason to believe that discrepancies and anomalies exist related to the investments.

In these documents, Pretorius disclosed valuations of assets on 29 February 2024, 22 August 2025, and 22 September 2025.

ALSO READ: Mirror Trading International liquidators claim R4,6 billion from 18 masterminds

Growth between 29 February 2024 and 22 August 2025

Pretorius stated in his answering affidavit for the liquidation application that the “total member interest” as of 29 February 2024 was approximately R90 million, and that it increased to R134.4 million by 22 August 2025. This represents a 49% increase.

Most of the investments are in gold and silver and, to a lesser extent, in cryptocurrency.

According to a voice note from Pretorius to a member, the crypto pool holds 115 000 XRP. The pool was closed in 2021, with no inflows or outflows allowed, so it can be safely assumed that this number has remained unchanged. That means the value of the pool rose from $67,850 on 29 February 2024 (approximately R2.2 million) to $354,200 on 22 August 2025 (approximately R6.18 million).

Yet, over the same period, the underlying assets performed far better:

• Gold rose from $2 044/oz to $3 371/oz – up 65%.
• Silver rose from $22.66/oz to $38.87/oz – up 72%.
• XRP rose from $0.59 to $3.08 – up 422%.

Even without knowing the exact split between members’ investments in gold, silver and crypto, it is clear that the reported 49% increase in “total member interest” to R134.4 million in August falls well short of the actual performance of these underlying assets, even after taking into account an exchange rate that strengthened by 9%.

ALSO READ: Banxso attacks law firm in high-stakes liquidation battle

Growth 29 February 2024 to 22 September 2025

The discrepancies deepened in a circular Pretorius sent to members a month later, on 22 September 2025, which offered yet another valuation of the portfolio.

The circular announced that the merger of the gold and silver pools had been completed and that the combined pool was worth R131 million as of 22 September 2025. This excluded the valuation of the crypto pool, which was valued at approximately R2.2 million as of 29 February 2024. This meant that the gold and silver pools were worth around R87.8 million. This indicates that the value of the gold and silver pools grew by 49% between 29 February 2024 and 22 September.

However, during this period, the prices of gold and silver rose by 83% and 94%, respectively –nearly double the growth of the Xodus pools.

Suppose the gold and silver pools rose by 89%, being the average growth of the commodities over the period. In that case, the merged pool should have a value of R165 million as of 22 September 2025, significantly higher than the circular’s stated value of R131 million. The exact valuation, however, would depend on the actual split between members’ investments in gold and silver, as well as the valuation of other pools, such as the legal litigation pool.

This analysis highlights significant discrepancies between the valuations and the performance of the underlying assets, suggesting that the reported figures may not fully capture the movement in commodity prices or the underlying holdings.

The fact that member withdrawals have been unilaterally blocked for 19 months, while the reported portfolio performance lags behind market performance, raises questions about the accuracy of valuations and whether the portfolios are being properly managed.

Moneyweb sent this financial analysis to Van Zyl and offered him the opportunity to respond. He replied: “Mr van Nieker, your letter attached to your e-mail below refers. it will not be dignified with a response and will be dealt with at the appropriate time and forum if necessary. Suffice to state that your allegations are unfounded, misplaced and rejected.” (sic)

ALSO READ: FSCA withdraws financial services provider licences of Banxso and Afrimarkets

There is more to MTI than meets the eye

Xodus Gold may also have significant exposure to the implosion of MTI, which Pretorius appears to have underplayed in his answering affidavit for the liquidation case.

In the affidavit, Pretorius states that Xodus created a separate crypto pool in March 2020, at the request of a group of members, to hold bitcoin.

“The bitcoin was placed in an account on the MTI platform. On 10 August 2020, and in accordance with an instruction from the board, the bitcoin held in the bitcoin pool was withdrawn from the MTI platform and transferred to Altcoin, from where it was liquidated and paid out to the members who held an interest in the bitcoin pool,” Pretorius said under oath.

The summons issued by the MTI liquidators reflects trading activity beyond what Pretorius disclosed in his answering affidavit to the liquidation application. The summons reflects approximately 130 transactions in 14 accounts linked to Pretorius, including one associated with XodusCrypto.

A total of 125 bitcoin, worth just over R22 million, was deposited into these MTI accounts, while only 108.3 bitcoin, valued at R21.2 million, was withdrawn. This means the accounts collectively suffered a loss of approximately R1.1 million.

XodusCrypto saw deposits of 11.87 bitcoin, but no bitcoin was ever withdrawn from the account. In addition, another 13 bitcoin remained in other accounts – IGX5600, Aurelius5600, and Gercor. It is unclear to which investors or pools these accounts are connected.

The summons seeks to recover 83.9 bitcoin (R17.7 million) under a Section 29 claim, or 108.3 bitcoin (R21.25 million) under a Section 30 claim.

It is also unclear whether individual members will have to repay bitcoin to the liquidators, or whether the full blame will fall on Pretorius.

ALSO READ: Bitcoin scam probe in top gear

Pretorius’s response

Pretorius stated that he was unaware of the summons until Moneyweb sent him questions on 19 September. “I was never served with MTI liquidators’ summons; I dispute that I am indebted to MTI and its liquidators in the amounts claimed, or at all (and that goes for Xodus as well). I will take steps to deal with the matter in accordance with the advice of my legal representatives in a court of law.”

He also provided Moneyweb with his notice of intention to defend the summons, dated 23 September.

Pretorius did not respond to any specific questions regarding the summons, except for a direct question about whether investors had lost any money. “Absolutely not. I am under no obligation to report to you or be subjected to your interrogatories. The matter is before court where it will be dealt with and not in the media.” (sic)

He likewise did not respond to questions about material differences between the information in the summons and the information disclosed in his affidavit.

ALSO READ: Court rules that Bitcoin scam MTI is a Ponzi scheme

Suspension of Aninda van der Vyver

The escalating conflict between the Xodus Gold board and its dissenting members has now ensnared Aninda van der Vyver, who was expelled from the co-operative on 25 September.

She joins a fast-growing list of suspended members, which, according to Moneyweb’s information, has grown to more than 15. These members include the parties related to the liquidation application and others who have publicly criticised the board.

Her expulsion followed after her son, Nardus, challenged Xodus’ version of events from the AGM, specifically that the members had unanimously approved the board’s decision to freeze the pools and that they had also unanimously supported the board.

Following the publication of the article, Pretorius sent a letter to her, demanding that she confirm to the board whether she agreed or disagreed with her son’s comments. She did not respond to the letter, and was then served with an official expulsion letter a few days later.

In the expulsion letter sent to Ms van der Vyver, the board accused her of aligning with what it described as “nefarious stratagems and narratives designed, executed and promoted by others to harm the co-operative, to defame its directors and to interfere with board decisions” linked to the liquidation application.

Pretorius also states that Nardus, by “unlawful means,” gained access to the AGM “with the aim to harm the co-operative and to defame its directors, [and] made false statements of what occurred at the meeting.”

Moneyweb has corroborated Nardus’ version of events, which is supported by several other attendees of the AGM, all claiming that there was significant dissent among members regarding Xodus’ decision not to allow withdrawals, and that there definitely wasn’t unanimous support of the board.

Nardus van der Vyver was also a deponent to an affidavit under oath that the events transpired as he described them.

ALSO READ: If Mirror Trading International is declared unlawful, all profits have to be returned

Van Zyl’s response

Van Zyl continues to allege that Moneyweb’s reporting is “fake news” and has threatened legal action. In response to questions relating to this article, he stated:

“The problem for him (this journalist) is that his deceptive and ill-conceived conduct will cost him, Moneyweb and the entity it is associated with many millions, if not billions of Rand in financial damages, resulting, inter alia, from your irregular conduct by also inciting and coercing Xodus members to adversely affect the financial wellbeing of Xodus and to harm the co-operative.

“Your conduct is deliberate, designed and executed to also defame Xodus board members. The record and the facts are not capable of being distorted or massaged to suit and support the disingenuous false narratives and agendas publicly promoted by activist van Niekerk and Moneyweb.”

The message also stated:

“Your ongoing harassment and intimidation of Xodus, its directors and members leave us to seriously doubt and question your motifs (sic), vendettas and disingenuous agendas, acting in concert with others. The record also warrants questioning your honesty, integrity and independence.

“You will next be hearing from the Xodus lawyers.”

This article was republished from Moneyweb. Read the original here.