The South African Cape High Court has begun investigations to liquidate the MTI scam scheme to allegedly liquidate them of over 23,000 Bitcoins. Meanwhile, the court has put in place, four provisional liquidators. Therefore, all assets and liabilities of the now non-operational Mirror Trading International will be liquidated.
The provisional liquidators are to submit a report of MTI’s assets and liabilities before March 1, 2021. Thereafter, the court is to issue a liquidation order. Meanwhile, MTI investors are to pay back the money they took out of the platform.
What MTI Claims to do
MTI is a Ponzi scheme that claims to be trading Bitcoin derivatives. The Financial Sector Conduct Authority of South Africa accused MTI of conducting a financial business without due registration. Members of the MTI scam scheme bought into the platform with $100 worth of BTC. Those who want to qualify for bonuses from their MLM system deposit a minimum of $200.
In late 2020, MTI went into oblivion. Therefore, proofing the allegation FSCA made in October 2020 is correct. FSCA then got search and seizure warrants for the home of Johan Steynberg, CEO MTI. This is in a bid to liquidate the MTI scam scheme. Not long after this Johan ran away from South Africa.
Why MTI is A Scam
According to stats from MTILeaks and MTI’s official trading pool, the scheme took in deposits well over 23,000 Bitcoins. MTI also claims to have over 280,000 members all over the world.
Several red flags should have made investors see this scheme as a scam. MTI promises a 500% annual crypto investment return which should scare off a rational investor. If the platform keeps growing, it would own all Bitcoins in circulation within 3 or 4 years. Impossible, right?
MTI is just another scam scheme all cryptocurrency investors must stay away from. They always collapse eventually.