Mirror Trading International is said to be owed over $129 million from previously unaccounted for debtors – regulation

Mirror Trading International, the now-defunct fraudulent Bitcoin investment platform, is said to be owed more than $129 million from previously undeclared debtors.

Not taken into account for debtors

The liquidators of the collapsed South African Bitcoin Ponzi scheme, Mirror Trading International (MTI), recently released a statement saying the scheme owes up to $129.6 million (R2.07 billion) from previously unaccounted debtors.

according to a Test report from Moneyweb, preliminary investigations by the liquidators also show that MTI had assets worth over $190 million. However, the report said the liquidators acknowledged they still needed to carry out further investigations.

These reports of new claims against MTI follow confirmation by liquidators that they have successfully applied for the liquidation of JNX Online, a company allegedly controlled by Johann Steynberg, the system's former CEO.

As explained in the report, Steynberg and his wife Nerina had allegedly used JNX Online to buy and sell Bitcoins. Payments to MTI's creditors and Nerina were also made through the same company.

Legal action option

According to the report, the liquidators believe that legal action may be necessary that will allow them to investigate fraudulent claims against MTI. In addition to the legal action discussed, the report states that “crypto specialists” have since been appointed to help quantify and identify claims received from MTI’s back-office platform.

Before you encounter legal and regulatory requirements problems, MTI projected itself as a legitimate Bitcoin investment platform with over 300,000 investors. But as the investigations by liquidators show, the number of investors is actually significantly lower.

Meanwhile, the Moneyweb report said the liquidators will continue to investigate the circumstances that led to MTI's collapse "through investigations under sections 417 and 418 under the Companies Act."

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