Account time – The victims of this important Ponzi scheme bitcoin (BTC), can they expect to be reimbursed? A lawsuit is attacking the assets of almost twenty people who are allegedly involved in this scam.
Ponzi BTC pyramid: salty bill for brains
The six liquidators of the Ponzi scheme “Mirror Trading International (MTI)” claim over $291 million to the 18 people suspected of being the masterminds of this scam. MTI’s debts will be repaid with this amount.
The liquidators also asked the court for an order declaring these alleged masterminds of MTI as liable for all debts and losses incurred by the company:
“Defendants were at all times aware that MTI was trading under conditions of insolvency, and of the actions committed and constituting fraud against MTI’s creditors”
The defendants allegedly, according to the liquidators, told investors that their bitcoins were held in an account with a broker. They would also have told their victims that MTI traded daily for the benefit of bitcoin on trading platforms.
Defendants further argued that MTI would not have incurred losses only one day. The company’s bitcoin investments were additionally, supposed increase by at least 1.5% per month.
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Returning your bitcoins: the double insult for the victims of the scam?
MTI was called the biggest bitcoin scam of 2020. The system collapsed after the company’s CEO, Johann Steynberg, disappeared from circulation. Johann Steynberg was subsequently arrested by Brazilian authorities at the end of 2021.
The liquidators have started these proceedings claiming more than 291 million dollars from the defendants. Previously they had failed to have MTI recognized as an illegal company by South African justice.
If MTI had been declared as a Ponzi scheme, such recognition would imply that “all profits will be declared proceeds of a criminal enterprise and will be confiscated by the state “.
Some investors who were thus able to withdraw part of their investments in MTI could then be forced to repay this amount withdrawninstead of recovering their funds at the end of the liquidation.
The lawmakers, however, had tried to reassure the victims of the scam by stating that they:
“will only be entitled to recover payments made to investors that were not legally due to them”.
The crooks behind bitcoin-related Ponzi schemes are finding themselves in court one after the other. MTI is not the only one to be accountable. This fake cryptocurrency mining company is also in the dock.
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