Liquidators demand a detailed investigation of a rumored South African Bitcoin plan

High Court's order of liquidation
  • Lquidators of Mirror Trading International demand an expanded inquiry of the alleged Bitcoin multi-tiered marketing project
  • Herman Buster, one of the liquidators, claims that the team requires to function across various jurisdictions to accomplish the complete potential of MTI’s operation
  • A South African media outlet suggested that the senior executives of the company had no clue about the respective scam

Mirror Trading International’s liquidators are seeking a more in-depth inquiry into the alleged Bitcoin multi-tiered marketing project.

High Court’s order of liquidation

A month ago, the Cape Town High Court authorized a provisional liquidation order against Mirror Trading International. Post that episode; the liquidators want stronger powers to probe into the company and retrieve investor funds.

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Herman Buster a liquidator stated that the team must function across various jurisdictions to accomplish MTI’s operation’s full potential.

The liquidators have been consistently trying to trace the assets. Once the process is over, the team will put forward an official report to the court. The report will then indicate the probability of successfully restoring investor funds to the alleged scam dupes.

Bloomberg reported that the courts might authorize a final order for the liquidation process on March 1. This is likely to happen only if the proceedings remain unanimous. 

The first assembly of MTI’s creditors is in two months. It will probably post the court order to choose the final liquidator by voting.

The unfortunate record of MTI

Cointelegraph reported that , Texas States Securities Board took an action against the company in 2020. Even South Africa’s Financial Services Conduct Authority levied a charge against it.

MTI’s misleading scheme directly promised a 10% return on investment per month. 

However, the FSCA inquiry into the firm’s functions did not find any proof of the company’s successful trading. MTI holds around 23,000 BTC in total. 

The Citizen, a South African media outlet, reported that the leaked internal communication supposedly indicates that senior executives of the company were unaware of the respective scam. Only the CEO Johann Steynberg was involved in the firm’s operations.

Thus, MIT’s case represents one of the biggest alleged crypto-related scams of South Africa. Its investment plans took undue benefits from the reigning BTC popularity in the country to cheat unsuspicious victims. 

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Steve Anderrson
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.

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