South Africa Bitcoin Heist: Court Grants Liquidators Authority to Track Missi...
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....
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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 exchanges. The Impact of the MTI Liquidators’ BTC Sales However, following the conclusion of the liquidators’ sale nearly two weeks ago, the arbitrage gap has now turned positive. As one South African media report notes, the premium of BTC has now recovered and was hovering between....
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 In its report filed with the South African court, the regulator also exposes the true extent of losses that were incurred by the bitcoin investment company. For instance, in what the FSCA calls the “first period,” MTI had a “total of nearly 51 bitcoin (that) were deposited with....
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....
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 the company declared an unlawful business to September 8, 2021. According to a report, interested parties that are opposed to the liquidators’ intervening application now “have until July 30 to file their answering affidavits.” On the other hand, liquidators “have until August 13....
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....