Appeal To Creditors To Join MTI, ‘Online Bitcoin Trading Scam’, Liquidation Application

MTI Bitcoin
With no physical form, the cryptocurrency Bitcoin is difficult to analyse and its trading patterns challenging to discern. Shutterstock

Luitingh and Associates, the Cape Town firm of attorneys launching the liquidation application against the bitcoin investment scheme, Mirror Trading International (MTI), is appealing to all potential creditors to advise the attorney firm of any claim against the scheme. The appeal comes at a time when two high court applications for the liquidation of MTI were filed by investors unable to withdraw funds.

Two applications for the liquidation of Mirror Trading International were filed in the high court last Wednesday by investors unable to withdraw funds.

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Both cases were brought by MTI investors who have been trying to withdraw funds from the bitcoin investment scheme that promised returns of up to 10% a month.

What is described as an alleged online bitcoin trading scam, MTI alarm bells first started ringing in August 2020 when the South African financial regulator, the Financial Sector Conduct Authority (FSCA), filed criminal charges with local law enforcement against the company.

The regulator’s decision to press charges followed an investigation into MTI that unearthed the company’s use of fake trade statements, undeclared losses, and possible fraud involving thousands of bitcoins.

For more read: SA’s Financial Watchdog Opens A Criminal Case Against ‘Crypto Platform’ MTI

Anyuschka Nett, attorney at Luitingh and Associates, says that it is vital that creditors urgently complete a requisition form found on  www.mtiliquidation.co.za.

“We need to be fully aware of all claims against MTI to adequately assist the public to recoup their investments. Despite FSCA warnings, the number of MTI members has grown to an estimated 280 000, which means the loss is potentially a massive blow to many people.”

Nett says that while this is not a first or last of its kind in South Africa, at an estimated R8bn loss, it does appear to be one of the largest to have occurred. She says that Luitingh and Associates intend to appoint liquidators as a matter of urgency.

“We need to work fast to recover assets in a swift and competent manner and would like to avoid a lengthy and protracted liquidation process.”

Commenting on the scheme, Nett says that the public must be weary of the manner in which they invest funds

“The adage of if it’s too good to be true usually rings true in scenarios such as this one.”

To join the claim against MTI please visit  www.mtiliquidation.co.za

MTI, which is founded by Johann Steynberg from Polokwane, claims on its website to have more than 90 000 active members in 177 countries.

The company’s head office is in Stellenbosch, Western Cape, South Africa. There are two satellite offices – one in Randburg, Gauteng and one in Strand, Western Cape, South Africa.

Using Bitcoin as its base currency, the company claims it uses advanced digital software and artificial intelligence (AI) to trade on the international Forex markets. Members join a trading pool with a minimum of $100 worth of Bitcoin.

The South African financial watchdog said in a statement that the company and its senior management are conducting an illegal operation, are misleading clients, and have contravened several laws.

The FSCA added that MTI is not licenced to conduct financial services and has not applied for such a licence.

12 COMMENTS

  1. I am one of the MTI investor I didn’t know that was happening , please give us our money back before any thing like liquation process , we are unemployed we do look for jobs but we don’t get any please we need our money back even the magistrate can give us our joined fee without interest

  2. If there is justice in this life our money will be back but it’s far from what we think then we seek justice just from God who created this human people as that’s the only justice will leave us relief.
    Adam Aladli

  3. Sad to think that we were all fooled by a bunch of people who’s poor English composition is much to be desired. Cheri, Johann, “Camila” and the “tip off email”. Common denominator being the same erratic composition. Since we know of the existence of only two of the four mentioned above, makes one wonder who between Cheri and Johann wrote those sloppy emails or was it between the Russian mob, the Freemasons or the aliens who abducted him. Was Cheri having a little monologue or was Johann sitting on the other side in a dress, heels and a wig? Perhaps it was their cat stepping on the keyboard. At this point I am happy to wave goodbye to my money if the reward is going to be seeing these greedy things rot away in jail

  4. You can approach any liqudator and nominate him or her as the provisional liqudator.
    Also you can visit the websites of Tygerbergytust , Investtrust and Sebensatrust .
    Feel free to visit the RAG website at https://getaquid.com/ for information where to nominate liquidators and how the process is proceeding.
    Once appointed claims against MTI can be lodged at the liqudators.

    My friend Vaugh Victor drafted the application as part of a team for Vezidebeer attorneys on behalf of Mr Anton Lee, who was the successful applicant.

  5. It’s safe to say that everyday at least 10 people fall victims to scam, and I’m one of them. Scammers took all my money from me, I would have known that I was being scammed,if I had observed properly. With my money stock and I couldn’t get back my $25k. I suffered a huge loss until I came across a recovery team, Assetrecoveryrefund@gmail.com who helped me recover my money back.

    I was able to get my money, am so happy I felt I should share the good news.

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