- MTI investors submitted applications to liquidate MTI.
- CEO Johann Steynberg possibly fled to Brazil.
- The FSCA investigated MTI and found further discrepancies.
Mirror Trading International (MTI) filed for liquidation after its CEO Johann Steynberg went AWOL. The Cape High Court received two applications calling for MTI’s liquidation yesterday.
Steynberg has allegedly fled from South Africa to Brazil in a possible attempt to exit MTI’s Bitcoin scheme. MTI’s management team claimed they were in touch with their CEO up until a week ago. He has supposedly gone off-grid since.
Despite the FSCA’s advice for caution, MTI continued gaining members. MTI has garnered over 280,000 investors so far. A huge gain compared to its 80,000 members from five months ago.
MTI promised every member a return of up to 10% per month. But over the last couple of days, none of them seem to be able to withdraw any funds.
An MTI investor Anton Lee brought forth the first application for MTI’s liquidation. The Cape High Court is likely to address him today.
The other applicant was Steven Watkins, another MTI investor. He discovered that he was unable to withdraw any funds since December 21. MTI currently owes him R150,000.
MTI management is confirmed to be locked out of all MTI accounts. Furthermore, they cannot confirm the status of any investor’s BTC. All funds are presumably in Steynberg’s hands.
The Financial Sector Conduct Authority (FSCA) conducted a full investigation of MTI. They found more losses that the management failed to mention before.
Moreover, FSCA found evidence that connected Trade 300, MTI’s broker, to Steynberg.