MTI – DIGIT INFO

Report: Judge in MTI Liquidation Case Issues Order Designating Bitcoin an Intangible Asset

DIGIT — Thu, 08 Sep 2022 07:30:36 +0000

A judge in the collapsed online bitcoin trading platform Mirror Trading International’s liquidation case has issued a provisional liquidation order that outlines the criteria to be used when reimbursing investors. The order also reportedly directs the liquidators to regard bitcoin “as [an] intangible asset that constitute[s] property.” Claims for Reimbursement Must Be Submitted in Local […]

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Crypto Complaints Have Increased Significantly Says South Africa Financial Sector Ombud

DIGIT — Tue, 21 Dec 2021 11:00:01 +0000

Nonkumbulo Tshombe, an advocate with the Financial Advisory and Intermediary Services (FAIS) Ombud, recently revealed that her office has noted a significant increase in the number of cryptocurrency-related complaints during the 2020/21 financial year. Cryptocurrency Not yet Regulated An advocate with the South African office of the financial services sector ombudsman, Nonkumbulo Tshombe, recently revealed […]

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FBI Joins Probe Into Collapsed South African Bitcoin Ponzi Scheme

DIGIT — Thu, 05 Aug 2021 10:30:17 +0000

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 of out-of-pocket investors.” FBI Interest Confirmation of the U.S. […]

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8,000 BTC Belonging to Mirror Trading International Traced, Investors Urged to Lodge Claims

DIGIT — Mon, 05 Jul 2021 10:30:54 +0000

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. Liquidators Want Court to Declare MTI a Ponzi Scheme […]

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Africrypt Ponzi Scheme Collapse: South Africa Regulator Says Its ‘Not in a Position to Take Any Regulatory Action’

DIGIT — Fri, 25 Jun 2021 12:00:17 +0000

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 investment company, it concedes it has only “found evidence of crypto-asset transactions.” A Large Number of Scams While the FSCA […]

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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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MTI CEO and Wife Issued With Provisional Sequestration Order by South African High Court

DIGIT — Tue, 27 Apr 2021 06:30:04 +0000

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 scam. Sequestration Not Final According to a report, the order was reportedly served on the Steynbergs’ […]

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Sale of MTI Bitcoins in South Africa Briefly Wipes out Premium Buyers

DIGIT — Wed, 21 Apr 2021 22:30:02 +0000

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’ […]

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Court Summons Mirror Trading International Executives Over BTC Global Scam Allegations

DIGIT — Sun, 18 Apr 2021 03:30:37 +0000

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 BTC Global Scam A High Court summons was issued to Clynton […]

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South African Regulator Raids Home of Key Members of an Alleged Crypto Ponzi Scheme

DIGIT — Tue, 27 Oct 2020 10:30:58 +0000

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 […]

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