It's always funny to see shitcoiners memory hole their mistakes, but I never let them forget, only a couple of years ago a bunch of South African morons, were shilling this MTI garbage. I am not only talking about the average boetie and sissy, no there were financial advisors involved, the whole tootie, plenty of people got wrapped up in this scam to the tune of billions. To this day it's one of the largest "bitcoin" affinity scams the world has ever seen and it's proudly South African.
The company promised returns of up to 10% a month and attracted more than 200 000 members worldwide through multi-level marketing and racked up close to 30 000 Bitcoin in the process.
There are currently a host of smaller scams running in South Africa, with the same playbook, but none are hitting the heights of these guys.
Ending in tears
Once all was said and done, and the founders left the country the search was on, he was eventually captured in Brazil and now the fight for the money is on. Naturally, investors are looking to get some if of their deposits back, but they are competing with another big scammer, SARS.
MTI was placed in final liquidation in June 2021. CEO Johann Steynberg fled SA for Brazil, where he was arrested in December last year and is awaiting extradition to SA.
Apart from criminal investigation, Liquidators were sent in to recover funds. During that liquidation process have recovered 1 281 Bitcoin from a Caribbean broker used by the company for forex trading, and sold this for the equivalent of R1.1 billion.
SARS wants in
The South African Revenue Service (Sars) has lodged a claim for R931.1 million against Mirror Trading International (MTI), the collapsed bitcoin investment scheme. How much of a doos do you have to be to want to put in a claim on a ponzi, and reduce the chance of depositors getting a settlement?
The claim was lodged earlier this month with the Master of the Cape High Court in respect of the 2019 and 2020 tax years.
Very few of the more than 200 000 MTI members have lodged claims with the liquidators, apparently fearing this would draw the attention of Sars. This means SARS has free reign to go in and gobble up those funds to hand over to the government only to piss it away on nothing the South African public will benefit from, this is the scam at work people.
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