Liquidators demand that the creators of the MTI cryptocurrency pyramid pay $291 million – Bits Media

Liquidators of South Africa's largest cryptocurrency scheme, Mirror Trading International, are demanding, so that its organizers pay investors $291 million.

Liquidators sent summons to appear in court to eighteen citizens, behind the no longer functioning Mirror Trading project International (MTI). Offenders are required to, so that they pay $291 million to cover the losses of deceived investors.

The decision to summon the alleged MTI organizers to court came just months after the liquidators failed to obtain, for a South African court to declare the operation of this online Bitcoin trading platform illegal.

Lawyers prevented them, representing the interests of MTI investors. Investors were concerned, what, if the court satisfies the liquidators' demands, this will give them excessive powers and make it difficult to return funds to investors. Therefore, the judge postponed the hearing to a later date.

The liquidators later applied to the Pretoria High Court to bring in MTI co-founders Johann Steinberg (Johann Steinberg) and Clinton Marx (Clynton Marks) liable under the Companies Act, since they were aware of the insolvency of their platform. Respectively, they deliberately committed fraudulent acts against investors.

Mirror Trading International is considered one of the largest cryptocurrency scams in South Africa. South African regulators have found out, that the platform managed to attract more 260 000 people and gather around 23 000 BTC. She crashed after that, how Steinberg disappeared with investors' funds at the end 2020 of the year. He was arrested by Brazilian law enforcement earlier this year..