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Further 8,000 MTI Bitcoin Traced as Firm Is Put Into Final Liquidation: Report
Liquidators will return to court in September to argue MTI should be declared a Ponzi scheme.
Mirror Trading International (MTI), the collapsed cryptocurrency trading firm, was placed into final liquidation and a further 8,000 bitcoin have been found, according to a Moneyweb report.
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- MTI was placed in final liquidation by the Cape High Court this week, Moneyweb said. It was placed into provisional liquidation in December, after allegedly lying to investors and operating illegally.
- The 8,000 bitcoin traced, valued about $268 million at Monday’s prices, are in addition to 1,281 bitcoin recovered from the broker FX Choice.
- The liquidators say they believe they will be able to track down more of the estimated 29,000 bitcoin that flowed into MTI, according to Moneyweb.
- The firm was declared fraudulent by Texas state regulators in July 2020 and a probe by South Africa’s Financial Services Conduct Authority concluded MTI deliberately misled investors and operated a financial service without a license.
- The liquidators will return to court on Sept. 8 to argue that MTI should be declared a Ponzi scheme, Moneyweb said.
Read more: Liquidators of South African Bitcoin Trading Club Request Greater Probe Powers
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
