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- MTI asked to pay back over $291 million to cover a fraud operations debt.
- This comes following an unsuccessful attempt of the liquidators to have the online trading platform declared an illicit business by a South African Court.
- There are also a bunch of investors who want the court process to end as they insist the platform is still solvent.
Mirror Trading International (MTI), masterminds of one of South Africa’s biggest bitcoin fraud schemes, have recently been asked by the scheme’s liquidators to pay back more than $291 million to cover the fraud operation’s debts.
The liquidators of the South African Bitcoin fraud scheme, Mirror Trading International (MTI), have sent out a summons against eighteen people who are apparently the minds behind the scheme, now defunct.
The liquidators are asking them to pay back over $291 million to cover for the debts. This step to summon the individuals came following the instance when the liquidators were unsuccessful in having the online trading platform declared an illicit business by a South African Court.
Reportedly, the investors were concerned that the liquidators’ motion would give them more power which might put their chances of recovering the funds at risk. After this intervention by the investors, the judge postponed the hearing for later.
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The Organisers Of This Platform Knew That It Is Insolvent
According to a report by Mybroadband, the liquidators have since asked the Pretoria High Court to hold MTI masterminds liable to the Companies Act in their submission. They further alleged that the summoned people, including the co-owners of the MTI, Clynton Marks and Johann Steynberg, knew that the platform was insolvent.
And this collapse of the online trading platform has resulted in waging an online battle against a bunch of investors who opposed the liquidation process. The group is willing to make the court process stop as they insist on the fact that MTI is still solvent.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
