GetaQuid apposes the MTI transactions being declared an Illegal Business Scheme (Ponzi Scheme)

We oppose the MTI scheme being declared a Ponzi scheme.  We believe the Liquidators have sufficient facilities to be able to pursue the owners of the business. Presently all the evidence available indicates that the owners of the MTI Business have illegally benefited from the scheme by supporting the publication and promotion of the scheme with inaccurate and highly inflated trading results from trading that was non-existent.

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In my opinion, the MTI Investment Scheme has created two primary classes of MTI participants - The first class being owners and promoters who were aware that the MTI Growth Figures presented to the bulk of the investors was bogus and nonexistent. Plainly fraudulent to draw in the second group,  made up of marketers and simple investors.

Group One

The first group were knowingly providing fraudulent trading results to enhance the fund and draw in the second group. Any person who had knowledge that the reported trading results were falsified to draw in group 2 is a party to Group 1. It can be argued that management and directors had a duty of care and reportability, due to their position, to insure that the trading results were reported accurately.  Not to be falsified. Group 2 made investment and marketing decisions based on the information they were provided by group 1.

The first group would bring under suspicion the owners and directors, and possibly some of the main promoters.

Group Two

The second group consisted of eager marketers and net loss creditors (investors). They provided the bulk of the funds. They only participated in the MTI Investment because of the bogus trading profits which they were being provided by the first group.

Each of the two groups can and should be further broken up.

Was this an illegal business practice? Yes as far as the first group ("Group One") is concerned.  There is absolutely no proof of any positive trading results.  To the contrary, there is only proof of substantial losses from the known trading results. The one thing that played in the favour of the scheme was the phenomenal growth in the value of the bitcoin during the life of MTI. The rest of the information distributed through the platform was bogus and designed to defraud Group Two.

Was MTI insolvent at the time of the application of the provisional liquidation? The answer has to be yes. They could no longer pay the Bitcoin withdrawals requested by the investors. Whether that be because Johan Steynberg had run away to Brazil or the other directors and promoters had dipped their paws too deep in the pot, is to be resolved by the liquidators. All those in Group One are responsible for this and they should be pursued with vengeance.

Criminalising the innocent in Group Two will only further victimise the innocently defrauded marketers and investors. This blanket victimisation and lack of protection they are receiving from the liquidators in my mind is despicable and uncalled for, to say the least. As creditors and victims of Group One's actions we do not want sympathy but would like to know the liquidators are actually on our side, not trying to drag us further through the mud but to protect our interest.

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Register your Claims so that you have a Voice and the Right to Act 

We Support the registration of claims so that the liquidators have to deal with the investors as creditors. (The problem is that if investors do not register their claims, their claims will not be recognised nor can they be approved, giving the investor no rights in terms of recovery of their investment. Further, having investors not registering their claims only benefits the “Net Winners”!)

The more the investors stake their claims (Have their claims registered with the liquidators) the more say and interaction they are entitled to with regard to the due process of the liquidation.

Registering your claims through GetaQuid supports our United Action and gives our solicitors more representative clout on behalf of the Net Losers and all those in Group Two.

If the claims are not processed and/or are delayed either by the “Net Winners”, or the “Owners of the MTI Business” (Group One) the more it disadvantages the “Net Losers” (Group Two) (Pure creditors) in the MTI Scheme.

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We support net winners who wish to come clean

Our take is that Bitcoin should be treated as an “intangible asset” valued at the time of transaction. A full consultation on how this should be resolved should be consulted in line with the IFRS to which the South African Accounting Systems Subscribe.

Guidance on valuation and standardisation needs to be carefully considered in light of the guidelines laid out by the IFRS. Using varying standards to maximise and victimise investors to the benefit of the liquidators is not good practice. A declaration by the Liquidators should be put forward by them and be clear and consistent across the whole process.

Further information about this is displayed below:

Tangible and Intangible assets

Brilliant Website to Determine Bitcoin value at the Time of Transaction

Bitcoin to Rand Value over the period 28 September 2022 to 28 September 2022.


Who is IFRS

The IFRS Foundation is a not-for-profit, public interest organisation established to develop high-quality, understandable, enforceable and globally accepted accounting and sustainability disclosure standards.

Our Standards are developed by our two standard-setting boards, the International Accounting Standards Board (IASB) and International Sustainability Standards Board (ISSB). 


South Africa subscribes to IFRS Standards

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