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FBI Joins Probe Into Collapsed South African Bitcoin Ponzi Scheme
5.8.2021
In what is seen as a boost for Mirror Trading International (MTI) investors, United States investigators are said to have joined the probe into the collapsed bitcoin scheme. According to a report, the U.S. investigators’ goal for joining this probe is to help “recover the assets...
Two Masterminds in Last Ditch Effort to Stall Liquidation of MTI
4.8.2021
In a last-ditch attempt to stall the sale of Mirror Trading International (MTI) assets, two masterminds of the collapsed bitcoin Ponzi scheme have warned investors that liquidating the investment company will likely result in them being asked to return all withdrawn bitcoins. Opposition to Attempts...
MTI Investors Urged to Ignore Fake Bitcoin Recovery Offers
21.7.2021
Beleaguered Mirror Trading International (MTI) investors have been told to ignore unsolicited offers from individuals claiming to have the ability to trace and recover their missing bitcoins. This warning from the court-appointed liquidators was made after reports emerged that several MTI investors...
South Africa Regulator Wants Mirror Trading International to Pay Millions as Penalty For Contravening Financial Sector Law
8.7.2021
A South African regulator, the Financial Sector Conduct Authority (FSCA), has informed key figures behind Mirror Trading International (MTI) that it intends to impose a fine of $7 million against the now-defunct crypto investment company. Contravention of Financial Sector Law According to a July...
8,000 BTC Belonging to Mirror Trading International Traced, Investors Urged to Lodge Claims
5.7.2021
A total of 8,000 bitcoins belonging to Mirror Trading International (MTI) have been traced while an additional 29,000 bitcoins could soon meet a similar fate. The traced coins, which are valued at over $280 million (4 billion rand), represent a potential breakthrough for beleaguered MTI investors....
South African Court Grants Final Liquidation Order Against the ‘Biggest Cryptocurrency Scam in 2020’
3.7.2021
A South African judge, Justice Alma de Wet, has ruled in favor of granting a final liquidation order against Mirror Trading International (MTI), the country’s biggest bitcoin scam in the past year. Nevertheless, the judge postponed a ruling on an application by MTI liquidators to have...
South African Regulators Reportedly Fast-Tracking Crypto Regulatory Framework
1.7.2021
With South Africa receiving more than its fair share of cryptocurrency-related scams, a report suggests that regulators are responding to this challenge by fast-tracking the process of creating a new regulatory framework. As a result, regulators now expect this process, which was preceded “by...
Africrypt Ponzi Scheme Collapse: South Africa Regulator Says Its ‘Not in a Position to Take Any Regulatory Action’
25.6.2021
Following Africrypt’s collapse, South African regulator, the Financial Sector Conduct Authority (FSCA), released a statement asserting its lack of jurisdiction over cryptocurrencies. Although the regulator says it is “continuing to investigate complaints” against the crypto...
Co-Owner of Mirror Trading International Opposes Plans to Liquidate the Bitcoin Scam Outfit
18.6.2021
In the latest twist to the Mirror Trading International liquidation saga, Clynton Marks, a co-owner of the bitcoin Ponzi outfit, has opposed attempts to have a court grant a final liquidation order. Marks, who reportedly owned 50% of MTI, argues that the liquidation application...
South African Court Submissions Expose Lies and Deceptive Tactics Used to Perpetuate MTI Bitcoin Ponzi Scheme
10.6.2021
New submissions by a South African regulator, the Financial Sector Conduct Authority (FSCA) and liquidators have exposed the web of lies and deceptive tactics that were used by Mirror Trading International (MTI) CEO Johann Steynberg and others to perpetuate the Ponzi scheme. Undeclared Losses...
MTI CEO and Wife Issued With Provisional Sequestration Order by South African High Court
27.4.2021
A South African High Court recently served Mirror Trading International (MTI)’s Johann and Nerina Steynberg with a provisional sequestration order. The court’s decision follows a successful court application by the five joint provisional liquidators of the now-defunct online bitcoin...
Sale of MTI Bitcoins in South Africa Briefly Wipes out Premium Buyers
22.4.2021
The premium or arbitrage gap on bitcoin in South Africa recently turned negative following the offloading of coins worth over $75 million by liquidators of MTI. As a result of the temporary supply glut, buying bitcoins on local South African exchanges briefly became cheaper than buying on overseas...
Court Summons Mirror Trading International Executives Over BTC Global Scam Allegations
18.4.2021
Two executives of Mirror Trading International (MTI) have been summoned by a high court in connection with another cryptocurrency investment scam called BTC Global. The court summons followed a civil lawsuit filed by 18 plaintiffs demanding compensation from them. Two MTI Executives Linked to...
P2P Bitcoin Trade Volumes Surge in Kenya and Ghana but Nigeria Still Dominates
11.4.2021
According to new data, peer-to-peer (P2P) bitcoin trade volumes in Kenya and Ghana surged in Q1 of 2021, with the two countries now ranked second and third respectively. On the other hand, volumes in South Africa, which occupied second place in 2020, dropped marginally. Consequently, South Africa...
A Forex Broker Transfers 1,200 BTC Belonging to the Mirror Trading International to a South African Liquidator
1.4.2021
Fresh reports from South Africa suggest that a total of 1,200 bitcoins belonging to the now-defunct Mirror Trading International (MTI) were recently transferred from FX Choice to an appointed liquidator. The reports add the transfer had been sanctioned by the Financial Sector Conduct Authority...
South African Regulator Zeroes in on Scams and Unregulated Firms in Its Second Crypto ‘Health Warning’
29.3.2021
South African regulator the Financial Sector Conduct Authority recently issued its second crypto “health warning” after it noticed increased reports of crypto-related losses suffered “in the past three months.” In the warning, the regulator reminds investors that since...
Mirror Trading International Named Biggest Crypto Scam of the Year After Raking in $589 Million
14.2.2021
Blockchain analysis firm, Chainalysis’ latest crime report has named Mirror Trading International (MTI) as the biggest cryptocurrency scam of 2020. Chainalysis arrived at this conclusion after an investigation found that MTI had taken in $589 million from more than 471,000 deposits. According...
South African Regulator Warns Crypto Investors to ‘Be Prepared to Lose All’ Following Collapse of Bitcoin Trading Company MTI
5.2.2021
The Financial Sector Conduct Authority (FSCA) has issued what it terms crypto health warning after receiving many complaints from South African victims of crypto scams. In the warning, the FSCA reminds prospective investors that crypto-related investments are currently not regulated. Therefore...
MTI Bitcoins Sent to Privacy Mixers as New Data Breach Exposes the Ponzi Scheme’s Top Earners
10.1.2021
In another twist to the Mirror Trading International (MTI) bitcoin Ponzi scam, the blockchain intelligence firm Whitestream says bitcoins from wallets associated with the company are being sent to Wasabi privacy mixers. According to Whitestream’s update, this pivot to mixers suggests that...
South African Court Grants Order to Liquidate Mirror Trading International After Investors Fail to Withdraw Their BTC
1.1.2021
A South African High Court recently granted a provisional liquidation order against Mirror Trading International (MTI) following an application for relief by two investors who failed to withdraw their bitcoin. According to a statement released by lawyers of one of the aggrieved investors, this...