Liquidators of South African Bitcoin Trading Club Request Greater Probe Powers
Placed under provisional liquidation last month, Mirror Trading had claimed to be able to offer returns of 10% a month using bots to trade client's bitcoin.
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A South African court has granted liquidators of the collapsed bitcoin investment firm Africrypt the powers to track down missing investor funds. Also, as part of the court decision, Africrypt liquidators will now have the authority to sell assets and property belonging to the company. Africrypt’s Evidence Under the Microscope According to a report, the court decision follows recent claims that Raees Cajee, one of the collapsed firm’s directors, is opposing the final liquidation of Africrypt from his hideout in Tanzania. The latest decision by the South Africa court comes as....
Masterminds of one of South Africa’s biggest bitcoin Ponzi schemes, Mirror Trading International (MTI), have been asked by the scheme’s liquidators to pay back over $291 million to cover the scam operation’s debts. Liquidators’ Influence Liquidators of the South African bitcoin Ponzi scheme, Mirror Trading International (MTI), have issued summonses against eighteen individuals believed to be the masterminds behind the now-defunct scheme. The liquidators want the named individuals to pay back more than $291 million (4,666,077,528 rand) to cover the....
Liquidators of the embattled Mirror Trading International want a deeper probe of the alleged Bitcoin multi-level marketing scheme. Less than a month after a Cape Town High Court granted a provisional order of liquidation against Mirror Trading International, the liquidators are seeking expanded powers to investigate the company and recover investor funds.According to Herman Bester, one of the four appointed liquidators, the team needs to operate across multiple jurisdictions to ascertain the full scope of MTI’s operation.The liquidators are currently attempting to trace all the company’s....
South African financial regulator, the Financial Sector Conduct Authority (FSCA), has filed criminal charges with local law enforcement against Mirror Trading International (MTI), the alleged online bitcoin trading scam. The regulator says its decision to press charges follows an investigation into MTI that unearthed the company’s use of fake trade statements, undeclared losses, and possible fraud involving thousands of bitcoins. Bogus Trading Statements The ongoing probe’s preliminary findings seem to contradict claims by MTI’s executives that their company’s....
The Federal Bureau of Investigation is joining the investigation into one of the largest alleged crypto scams of 2020. Investigations into the South African company Mirror Trading International (MTI) — widely seen as last year’s most ruinous Bitcoin (BTC) Ponzi scheme — are now engaging the United States Federal Bureau of Investigation.MTI, which went into provisional liquidation in December 2020, claimed to have over 260,000 members across 170 countries at its height. It had first caught regulators’ attention in Texas back in July of last year, where its operations were quickly shut down.....