The US financial regulatory agency CFTC has sued a South African speculative platform as well as its manager and is demanding the return of $1.7 billion deposited by customers in cryptocurrencies. Mirror Trading International (MTI), which went into liquidation in July 2021, guaranteed investors a potential return of over 100% per year thanks to an algorithm that made it possible to trade in the forex market, which proved: imaginary
According to the CFTC, MTI and its CEO, Cornelius Johannes Steinberg, a South African citizen, accepted more than $1.7 billion in bitcoin deposits, some of which came from about 23,000 US residents. it’s about “Largest Bitcoin Fraud Ever Prosecuted by CFTC”, said in the statement of the regulator. According to several South African media outlets, MTI had almost 300,000 users when it was suspended in December 2020.
MTI is the subject of several investigations and an international arrest warrant has been issued by Interpol for Cornelius Steinberg, who was arrested in Brazil last December. He is currently in custody pending a decision by South African authorities on an extradition request. It is also subject to civil litigation in South Africa initiated by users of the platform.
The CFTC warned MTI victims that they may never get their share back “Because the accused may not have enough funds.”. A liquidator has been appointed in the Republic of South Africa to try to recover the lost money. As the cryptocurrency industry has become more popular, the number of scams has increased in recent years.
On Thursday, US authorities announced that Ruja Ignatova, nicknamed “The Secret Queen”, was included in the list of ten most wanted fugitives of the Federal Bureau of Investigation. In 2014, this Bulgarian-born entrepreneur and naturalized German launched OneCoin, a cryptocurrency project that allowed her to raise more than $4 billion. But the currency never saw the light of day, and Ruja Ignatova embezzled most of the funds.
Source: Le Figaro
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.