Mirror Trading International is a now-defunct fraudulent Bitcoin investment platform. It is said that its debtors exceed $129 million, and these debts have not been previously declared.
The whereabouts of the debtor is unknown
The liquidator of the collapsed South African Bitcoin Ponzi scheme (Mirror Trading International, MTI) recently issued a statement stating that previously unknown debtors owed the plan up to 129.6 million U.S. dollars (2.07 billion rand).
According to a report According to Moneyweb, the liquidator’s preliminary investigation also revealed that MTI’s assets were worth more than US$190 million. However, the report stated that the liquidators admitted that they still need to conduct more investigations.
These new claims reports against MTI were released after the liquidators confirmed that they had successfully applied for the liquidation of JNX Online, which was allegedly controlled by the former CEO of the program, John Steinberg.
As explained in the report, Steynberg and his wife Nerina reportedly used JNX Online to buy and sell Bitcoin. The same company was also used to make payments to MTI’s creditors and Nerina.
Legal action options
According to the report, the liquidators believe that legal action may be required-this allows them to investigate fraudulent claims against MTI. In addition to the proposed legal actions, the report also stated that “crypto experts” have been appointed to assist in the quantification and identification of claims obtained from the MTI back-end platform.
Before encountering laws and regulations trouble, MTI positions itself as a legal Bitcoin investment platform with approximately 300,000 investors. However, the liquidator’s survey results show that the number of investors is actually much lower than this number.
At the same time, Moneyweb’s report stated that the liquidator will continue to “investigate the circumstances that led to the closure of MTI in accordance with Section 417 and Section 418 of the Company Law.”
What are your thoughts on this story? Tell us what you think in the comments section below.
Image Source: Shutterstock, Pixabay, Wikimedia Commons
Disclaimer: This article is for reference only. It is not a direct offer or invitation to buy or sell, nor is it a recommendation or endorsement of any product, service or company. Bitcoin Network Does not provide investment, tax, legal or accounting advice. The company or the author is not directly or indirectly responsible for any damage or loss caused or claimed to be caused by using or relying on any content, goods or services mentioned in this article.