Liquidators Demand Probe Into Reported Bitcoin Marketing Scam

Investigation Into Mirror Trading International and Alleged BTC Scheme
  • Less than a month ago, Cape Town High Court permitted a transitional order to liquidate Mirror Trading International’s (MTI) digital assets and reclaim investor funds
  • This order has been given on account of MTI’s deceptive claims regarding their investment scheme involving Bitcoin (BTC)
  • Such fraudulent schemes are prevalent across South Africa 

Following Cape Town High Court’s temporary order of liquidation against Mirror Trading International, the vendors are looking for extended forces to explore the organization and recover previous investors’ assets.

Inspection Required To Discover MTI’s Fraudulent Activities

The investigation concerning a fraudulent South African bitcoin broker is developing as temporary liquidators assigned to take control over Mirror Trading International (MTI) are attempting to broaden the extent of their request. According to Herman Bester, one of the four selected liquidators, the group needs to work across different purviews to determine the full extent of MTI’s activity. 

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The liquidators are at present endeavoring to follow all the resources associated with the organization. After completing this process, the group will present a formal report to the court demonstrating the probability of effectively returning assets owned by previous investors who were scammed into putting money in the Bitcoin (BTC) MLM scam. They are also seeking permission from the court to expand their authority in the investigation, which will enable the appointed liquidators to involve witnesses during the inquiry for insolvency. They would also hold power to designate investigators as well as retrieve information from financial institutions. 

Executives Were Apparently Unaware of Scam

As per reports published in The Citizen, a South African media outlet, the company’s senior executives were not a party to the fraudulent activities taking place at MTI. This information is based on leaked communication on zoom that took place within the company’s employee circle. It also suggests that only Johann Steynberg, the CEO of MTI, had complete power over the organization’s activities. Currently, Steynberg cannot be located and has not communicated with anyone since the end of 2020. Rumors suggest that he may be currently residing in Brazil.
As indicated by Bloomberg’s publication, the Cape Town High Court may grant the final order to liquidate MTI on 1st March 2021, in case the investigation remains unopposed. The accused company’s creditors’ main gathering will occur two months after the court request to decide on the last appointed liquidator. Based on previous inquiries into crypto-related scam, the creditors in question will have to participate in a lengthy procedure before they get any relief.

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Ahtesham Anis
Ahtesham Anis is a Computer Science undergrad student currently based out of India. Coming from the business background and his keen interest in Cryptocurrency and Blockchain technology is what Ahtesham brings to the table. He is always an eager learner when it comes to exploring the new technologies and topics in the crypto world.

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