Mirror Trading International

Mirror Trading International (MTI) declared a pyramid scheme by the South African High Court was a cryptocurrency trading platform promising automated trading services with significant returns.[1] MTI was masterminded by Johann Steynberg, who claimed to use artificial intelligence for its trading activities.[2] MTI faced intense scrutiny and legal challenges, particularly from South African authorities, who alleged that it was operating as a fraudulent scheme. MTI's unraveling led to its eventual collapse, the arrest of key figures, and significant financial losses for many investors.[3][4][5]

Mirror Trading International
TypePrivate
IndustryPonzi scheme, Cryptocurrency
FounderJohann Steynberg
HeadquartersSouth Africa
Area served
Worldwide
Websitemirrortradinginternational.com

See also

References
  1. Vermeulen, Jan. "Mirror Trading International Declared a pyramid scheme".
  2. Cohen, Tim (3 May 2023). "More Billions wasted: The smoke is clearing on Mirror Trading International". Daily Maverick. Retrieved 24 September 2023.
  3. Cronje, Jan. "US judge fines MTI boss a record R64bn as SA court rules site was 'unlawful Ponzi scheme'". Business. Retrieved 24 September 2023.
  4. "Fugitive CEO Ordered to Pay $3.4 Billion in Record Fraud Case Involving Bitcoin". Bloomberg.com. 27 April 2023. Retrieved 24 September 2023.
  5. Schroeder, Pete (7 September 2023). "US court orders Mirror Trading International to pay $1.7 billion in restitution for crypto fraud". Reuters. Retrieved 24 September 2023.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.