Bitcoin Ponzi scheme – DIGIT INFO

Claims Against Collapsed South African Bitcoin Investment Firm Rise to $84.5 Million

DIGIT — Fri, 07 Jun 2024 20:49:52 +0000

Claims against Mirror Trading International (MTI) have reached over $84.5 million (ZAR1.6 billion), with more than 8,000 proven creditors as of the end of April. The MTI estate still holds around $33.7 million in its accounts. Legal action is underway in multiple countries to recover withdrawals made by those who profited from the scheme. MTI […]

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Liquidators of South African BTC Scam Allocate Nearly 40% of Recovered Funds to Legal Fees and Taxes

DIGIT — Mon, 03 Jun 2024 22:41:05 +0000

Out of the approximately $60 million (ZAR1.1 billion) that was recovered to pay back victims of the collapsed bitcoin investment platform Mirror Trading International (MTI), only $34.3 million remains. Court documents reportedly state that liquidators have used the recovered funds to pay an outstanding tax liability of $15.2 million and legal fees of $7.78 million. […]

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South African BTC Ponzi Scheme Mastermind Succumbs to Heart Attack While Detained in Brazil

DIGIT — Mon, 29 Apr 2024 02:26:31 +0000

Johann Steynberg, the mastermind behind a South African bitcoin Ponzi scheme, recently died of a heart attack while under house arrest on a farm in Brazil. According to his Brazilian wife, Steynberg left no will and had no assets that could be inventoried. South African Police Investigate Steynberg’s Reported Death Johann Steynberg, a South African […]

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US Court Orders Operator of South African Bitcoin Ponzi Scheme to Pay Over $3.4 Billion

DIGIT — Tue, 02 May 2023 00:00:31 +0000

Johann Steynberg, the founder and CEO of Mirror Trading International, has been ordered to pay over $1.73 billion in restitution to victims of his bitcoin ponzi scheme. The court has also ordered Steynberg to pay a civil monetary penalty of a similar amount. The Commodity Futures Trading Commission (CFTC) conceded that orders requiring payment of […]

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Mirror Trading International Liquidators Spent More Than $6 million on Lawyers and Investigators

DIGIT — Mon, 27 Feb 2023 11:00:21 +0000

Liquidators of the now defunct bitcoin trading platform, Mirror Trading International have so far used approximately $4.2 million on expenses such as lawyers’ or consultants’ fees. Between Jan. 23, 2023, and the date of their appointment, liquidators claimed to have recovered approximately $770,000 which belonged to MTI. Liquidators’ Fees Liquidators of the collapsed bitcoin Ponzi […]

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Tax Collector Wants $55 Million From Collapsed Bitcoin Ponzi Scheme MTI — Liquidators Accused of Failing Their Duty

DIGIT — Sun, 24 Jul 2022 09:00:12 +0000

In a fresh twist to the collapsed bitcoin Ponzi scheme Mirror Trading International (MTI) saga, revenue collector South African Revenue Services (SARS) has demanded $55.3 million from the scheme’s liquidators. The revenue collector added that it wants the tax bill settled before the MTI liquidation process is finalized. Liquidators Failing ‘as the Deemed Public Officers’ […]

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Kenyans Lose Millions of Dollars to yet Another Cryptocurrency Scam: Bitstream Circle

DIGIT — Sun, 20 Mar 2022 13:30:04 +0000

The masterminds behind the alleged cryptocurrency Ponzi scheme called Bitstream Circle are believed to have stolen more than $10 million in investor funds. The alleged theft became apparent on March 13, 2022, when some of the scheme’s investors encountered problems making withdrawals. Withdrawals Blocked Reports from Kenya have said investors in an alleged crypto Ponzi […]

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Report: Mirror Trading International Said to Be Owed Over $129 Million by Previously Unaccounted for Debtors

DIGIT — Tue, 07 Dec 2021 14:30:06 +0000

Mirror Trading International, the now-defunct fraudulent bitcoin investment platform, is said to be owed more than $129 million by debtors that had not been declared previously. Unaccounted for Debtors Liquidators of the collapsed South African bitcoin Ponzi scheme, Mirror Trading International (MTI), recently released a statement that suggested the scheme is owed as much as […]

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Kenyan Insurance Executive Calls Cryptocurrencies Ponzi Schemes, Warns Users This Will ‘End in Tears’

DIGIT — Mon, 02 Aug 2021 05:30:10 +0000

A Kenyan insurance executive, Julius Kipng’etich has compared cryptocurrencies like bitcoin to Ponzi schemes and has urged his countrymen not “touch this.” In addition, Kipng’etich warned those already involved in crypto trading to be prepared for the consequences as this always “ends in tears.” Bitcoin as a Medium of Exchange Interestingly, when addressing attendees of […]

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South African Court Submissions Expose Lies and Deceptive Tactics Used to Perpetuate MTI Bitcoin Ponzi Scheme

DIGIT — Thu, 10 Jun 2021 03:30:30 +0000

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 […]

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