Cryptheory – Just Crypto

Cryptocurrencies are our life! Get an Overview of Market News

Mirror Trading International crypto scam investigation to be led by the FBI

2 min read

TL;DR Breakdown

  • The FBI will now be leading the investigations for the biggest crypto scam of the year 2020.
  • The South-African company, Mirror Trading International company, was in the center of the scheme.
  • The BTC Ponzi Scheme was shut off by South African liquidators who are trying to trace all the belongings.

The investigation of one of the biggest BTC-related scams that took place in 2020 put a South African company named Mirror Trading International at the center of the whole operation. As a direct result of this BTC Ponzi Scheme, the company owned around 23,000 BTC.

The company went into liquidation a year ago, but the South African authorities are still looking for all the belongings and assets that came under the ownership of the company. The company operated in over 170 nations worldwide and had a membership of around 260,000 people.

The role of trustees in the Mirror Trading International scam

All officials related to the company’s existence have been questioned, including five trustees. The five trustees of the company have recently revealed that they have been questioned by the Federal Bureau of Investigation.

The trustees have also revealed that the FBI has joined hands with the South African authorities responsible for the liquidation of the Mirror Trading International. The authorities have been trying to expand their manpower to speed up the investigation.

Who’s at fault?

The authorities have concluded that the CEO of the organization Johann Steynberg was at the center of the BTC Ponzi Scheme. The internal conversations between MTI officials that were leaked by South African media pointed out that the Mirror Trading International executives were kept in the dark.

Keeping in mind that the CEO was in control of the entire process, the liquidators revealed that he made an attempt to flee the country, but there has been no recorded proof that he was successful.

Source link

All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.
BlackRock (IBIT), the Grayscale Bitcoin Trust (GBTC), Fidelity (FBTC), Ark Invest/21Shares (ARKB), Bitwise (BITB), Franklin (EZBC), Invesco/Galaxy (BTCO), VanEck (HODL), Valkyrie (BRRR), WisdomTree (BTCW), Hashdex (DEFI)

Leave a Reply

Your email address will not be published. Required fields are marked *