Claims against failed pyramid scheme Mirror Trading International have grown to over R1.6 billion, with over 8,000 proven creditors as of end-April.
Even using the much lower price of R500,000 per bitcoin at the time of the scheme’s collapse, MTI would be an almost R19.6 billion scam. By sheer stroke of luck, and with the help of the Financial Sector Conduct Authority, the liquidators recovered 1,281 bitcoins that MTI’s former brokerage, FXChoice, had frozen.
The first liquidation and distribution account revealed that they banked R1,057,932,714 from selling the bitcoins on Luno, one of South Africa’s largest cryptocurrency exchanges.The funds were placed in an investment account where it earns millions in interest every month.Looking at the remaining investment account balances and factoring in the interest earned, the liquidators have paid around R144 million in lawyers’ fees and other costs.
Amounts are also publicly available for some of the complaints the liquidators filed in the United States.
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