MTI Liquidation Timeline: A Look at the World's Biggest Bitcoin Scam

Mirror Trading International (MTI), a South African-based company, has been involved in one of the largest Bitcoin scams globally. Below is a detailed timeline of key events related to their liquidation:

2019

Company Launch: MTI started in South Africa as an automated bitcoin trading platform, promising substantial returns to investors through a trading bot.

2020

  • Membership Growth: The company experienced a significant increase in membership, especially in 2020, due to its network marketing model.
  • September 2020: Anonymous ZA, along with a MyBroadband investigative journalist, exposed vulnerabilities in MTI's website, leading to worldwide warnings against the company.
  • December 2020: Collapse of MTI following the disappearance of CEO Johann Steynberg in Brazil.

2021

  • June 2021: MTI was placed into final liquidation by the Western Cape High Court.
  • December 2021: Arrest of Johann Steynberg in Brazil on charges of using forged identity documents.

2023

  • April 2023: Western Cape High Court declared MTI a pyramid and Ponzi-type scheme. Attempts to appeal the ruling by Clynton Marks were not granted.
  • International Recognition: MTI's liquidators received recognition in various countries, aiding the investigation and fund recovery efforts.

References

  1. Cliffe Dekker Hofmeyr. (n.d.). Converting the liquidation of Mirror Trading International (MTI) into business rescue: Is there method to this madness?. Retrieved from Cliffe Dekker Hofmeyr
  2. BizNews. (n.d.). UK court backs SA liquidators in MTI Bitcoin Ponzi scheme. Retrieved from BizNews

 


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