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.
