Dec 7, 2021

Debtors missing The liquidators of the collapsed South African bitcoin Ponzi scheme, Mirror Trading International (MTI), recently released a statement suggesting the system is owed up to $ 129.6 million (R 2.07 billion) to debtors hitherto unrecorded. According to a report by Moneyweb, preliminary investigations by liquidators also show that MTI had assets valued at more than $ 190 million. However, the report says the liquidators conceded that they still had to conduct further investigations. These reports of new claims against MTI follow confirmation by the liquidators that they had successfully requested the liquidation of JNX Online, a company said to be controlled by Johann Steynberg, the former CEO of the program. As explained in the report, Steynberg and his wife, Nerina, allegedly used JNX Online to buy and sell bitcoin. The same company was also used to make payments to creditors of MTI and Nerina. Legal action option The liquidators, according to the report, believe that legal action – which allows them to investigate fraudulent claims against MTI – may be necessary. In addition to the cited lawsuit, the report says “crypto specialists” have since been appointed to help quantify and identify the claims obtained from MTI’s back-office platform. Before running up against legal and regulatory issues, MTI marketed itself as a legitimate bitcoin investment platform with over 300,000 investors. Yet, as the findings of an investigation by the liquidators show, the number of investors is in fact much lower than that. Meanwhile, the Moneyweb report said the liquidators will continue to investigate the circumstances leading to the collapse of MTI “through Section 417 and Section 418 investigations under the Companies Act.” What do you think of this story? Let us know what you think in the comments section below. Image credits: Shutterstock, Pixabay, Wiki Commons Disclaimer: This article is for informational purposes only. This is not a direct offer or the solicitation of an offer to buy or sell, nor a recommendation or endorsement of any product, service or business. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or allegedly caused by or in connection with the use of or reliance on any content, good or service mentioned in this article. More popular news