Masterminds Behind South African Bitcoin Ponzi Scheme Told to Pay Back Over $291 Million Regulation Bitcoin News

– Masterminds of one of South Africas biggest bitcoin Ponzi schemes, Mirror Trading International (MTI), have been asked by the schemes liquidators to pay back over $291 million to cover the scam operations debts.

– Liquidators of the South African bitcoin Ponzi scheme, Mirror Trading International (MTI), have issued summonses against eighteen individuals believed to be the masterminds behind the now-defunct scheme.

– The liquidators want the named individuals to pay back more than $291 million (4,666,077,528 rand) to cover the schemes debts.

– The move to summon the alleged MTI masterminds comes just a few months after liquidators unsuccessfully tried to have the online bitcoin trading platform declared an unlawful business by a South African court.

– Meanwhile, a report by Mybroadband suggests that the liquidators have since asked the Pretoria High Court to hold MTI masterminds liable as per the dictates of the Companies Act.

– In their submission, the liquidators reportedly argued that summonsed individuals including the co-owners of MTI, Johann Steynberg and Clynton Marks, were aware the bitcoin trading platform was insolvent.

– Consequently, the liquidators assert that all the summonsed individuals must be held to account for their part in perpetuating MTIs fraudulent business.

shutterstock 2050690283 Masterminds Behind South African Bitcoin Ponzi Scheme Told to Pay Back Over $291 Million Regulation Bitcoin News
Masterminds Behind South African Bitcoin Ponzi Scheme Told to Pay Back Over $291 Million Regulation Bitcoin News 2

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