Masterminds Behind South African Bitcoin Ponzi Scheme Told to Pay Back Over $...
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....
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A Chinese court has confirmed the sentencing of the masterminds behind the 7.7 billion yuan Chinese Ponzi scheme Wotoken, which had over 715,000 investors. Wotoken Scammers Sentenced to Prison The Intermediate People’s Court of Yancheng city, Jiangsu province, denied an appeal by four convicts involved in the billion-dollar Ponzi scheme Wotoken on Tuesday, several local media reported. The court upheld the original sentences for Gao Yudong, Li Qibing, Wang Xiaoying, and Tian Bo who were dissatisfied with their original sentencing and filed an appeal. They believe they had minor roles....
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have warned investors that liquidating the investment company will likely result in them being asked to return all withdrawn bitcoins.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 at Declaring MTI a Ponzi Scheme In a court filing that opposes attempts to declare MTI “an illegal business,” Clynton and Cheri Marks insist that such a step will in fact cause investors to “forfeit everything to the state.” As the Mybroadband report reveals, the....
A South African regulator along with the country’s police have reportedly seized electronics devices and computers belonging to two principal members of Mirror Trading International (MTI), an alleged bitcoin Ponzi scheme. The raid at Clynton and Cheri Marks’ home on October 26 was conducted by Financial Sector Conduct Authority (FSCA) officials who are looking for proof of trades and bitcoin balances. MTI Remains Defiant The raid comes after the South African regulator previously advised MTI clients to withdraw funds after determining that the company did not have the required....
“At the point something becomes a Ponzi scheme, we have lost our jurisdiction,” a regulator told Bloomberg.
MMM Global was a very risky investment from the start, and some of its users will try to convince other people to invest by showing the money they have received so far. Now that the Bitcoin experiment held by the MMM Global company is coming to an end, there is a massive outpouring of user opinions on how this platform operated. As was to be expected, some people are happy with their experience, whereas others have lost a lot of funds. Especially in South Africa, there seem to be very mixed feelings. In this day and age of social media and global communication, making one’s voice be heard....