8,000 BTC owned by Mirror Trading International traced, investors urged to file claims – Bitcoin News Settlement

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A total of 8,000 bitcoins owned by Mirror Trading International (MTI) have been found while an additional 29,000 bitcoins may soon meet the same fate. The traced coins, which are valued at over $ 280 million (Rand 4 billion), represent a potential breakthrough for besieged MTI investors.

Liquidators want court to declare MTI a Ponzi scheme

The latest revelations came shortly after a final winding-up order was granted against MTI by a South African court. Prior to this announcement, the Ponzi scheme liquidators had only recovered 1,281 bitcoins that had been handed over to the liquidators by MTI’s former broker, FX Choice. As previously reported by Bitcoin.com News, the 1,281 bitcoins were eventually sold and over $ 70 million was raised through the sale.

However, as a report from Moneyweb explains, the liquidators intend to argue for MTI’s declaration of a Ponzi scheme when they return to court on September 8. This statement, according to the report, “makes it easier to search for funds that liquidators legitimately believe.” belong to the insolvent mass. The report also notes that those who oppose the statement have until August 31 to file their affidavits in response.

Meanwhile, the report quotes Riaan van Rooyen, who is one of the liquidators, as to why it is important for investors to file their claims against MTI. Rooyen said:

We obviously want to recover as much money as possible for the members, especially the elderly and vulnerable. It is important for members to know that they will not be required to contribute to the estate simply because they have benefited from withdrawals. It just means that their claims will be reduced by the amount they have already received in terms of withdrawals. If, for example, they paid R30,000 and withdraws R10,000, that means their claim against MTI would be reduced from R30,000 to R20,000.

Roadshow planned for MTI investors

Prior to its collapse in December 2020, MTI repeatedly claimed it had more than 280,000 accounts and the majority of them were owned by investors based in South Africa. However, the liquidators insist that number will be reduced to between 150,000 and 180,000 “once accounts are opened in the name of pets and other fake accounts are deleted”.

Meanwhile, the report reveals that the liquidators are also planning to launch a nationwide tour to help MTI investors. This initiative should help liquidators to contact “as many MTI members as possible and help them file their claims.”

Do you think the liquidators of MTI will manage to recover all the missing bitcoins? Let us know what you think in the comments section below.

Image credits: Shutterstock, Pixabay, Wiki Commons

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