Popular Ponzi platform Mirror Trading International (MTI) could legally go out of business as a South African court calls for its liquidation. The order is opposed by Clayton Marks, a co-owner of the venture who considers the decision premature. He argues that the court is expected to serve an earlier notice as the closure could be detrimental to its members.
Marks holds about 50 percent of the company. MTI, which the press describes as the “biggest cryptocurrency scam of 2020” has defrauded several victims in South Africa, the US, the UK, and Mexico by offering them daily returns of 0.5 percent on investments. After being pressed with fraud charges, the CEO Johann Steynberg fled with investor funds and the firm capitulated.
Co-owner Marks argues that MTI is a solvent company and that the recovery of 1,200 Bitcoins from a forex broker nullifies the liquidation attempts. He suggested that pro-liquidators search for Johann Steynberg and encourage him to right his wrongs. He further stated that nullification would stand as prejudice to members.
MTI Revelations and The Court Decision
MTI’s CEO is speculated to have sought refuge in Brazil as events surrounding the saga intensifies. The MTI team disclosed that the runaway CEO locked them out of access to company accounts. Steynberg reportedly fled in response to an anonymous mail that revealed to him that the Financial Sector Conduct Authority (FSCA) was coming to raid him.
Insider reports stated that the legal team of liquidators has expressed confidence that the court would soon come to dissolve the firm. The report also confirms that the court has reserved its judgment on the matter for the time being. The FSCA and pro-liquidators would pit against those that oppose MTI’s liquidation during this period. However, emphasis is placed on the public being aware of how to identify and repel crypto scams.