Mirror Trading International is a fraudulent and defunct bitcoin investment platform. It’s alleged that it owes more than $129 Million to debtors who have not declared their identities previously.
Unaccounted Debtors
Mirror Trading International (MTI) recently published a statement in which it suggested that the South African Bitcoin Ponzi Scheme’s liquidators owed the scheme $129.6million (2.07 trillion rands).
Moneyweb reports that preliminary investigation by liquidators revealed MTI assets worth more than $190 million. The report stated that liquidators had admitted they needed more investigation.
These reports of fresh claims against MTI follow the confirmation by liquidators that they had successfully applied for the liquidation of JNX Online, a firm that is allegedly controlled by Johann Steynberg, the scheme’s former CEO.
The report explains that Steynberg and Nerina had used JNX Online for bitcoin trading and buying. The same company was also used to make payments to MTI’s creditors and to Nerina.
Option for Action
The liquidators, according to the report, believe that legal action — which enables them to investigate fraudulent claims against MTI — might be required. Besides the mooted legal action, the report said “crypto specialists” have since been appointed to assist in quantifying and identifying claims that were obtained from MTI’s back-office platform.
MTI claimed that it was an authorized bitcoin investment platform and had 300,000+ users before running into legal or regulatory problems. The liquidators found that there are far fewer investors than the stated 300,000+.
Meanwhile, the Moneyweb report said liquidators will continue to investigate the circumstances leading to the collapse of MTI “by way of Section 417 and 418 enquiries in terms of the Companies Act.”
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