Bitcoin Trader MTI Dupes Investors, Director Leaves South Africa

Earlier in December, the Financial Sector Conduct Authority announced that Mirror Trading International appeared to have mislead investors on the Bitcoin trading platform. After an investigation into the firm’s operations, the authority found that the company was not licensed to provide financial services and that it had broken several laws.

The South African Bitcoin trading company that is said to have received about R9.45bn from over 280,000 investors. MTI is being probed by the Hawks over a Bitcoin scam that dates back to 2018.

The group’s Head of Communications and marketing, Cheri Marks, says that only the CEO Johann Steynberg can reply to the queries of the affected investors. According to the Group’s Telegram channel, Steynberg is said to have left South Africa and is reportedly in Brazil. according to a letter to clients posted on a Telegram channel on December 22 by MTI management. Steynberg is the group’s sole Director.

Marks is alleged to have been in communication with Steynberg 3 days before the Group was liquified.

“I cannot decide what the deciding factor was that led to all of us being here, since so little verified information is available,” Cheri Marks said.

Marks also expressed equal surprise to the turn of events that resulted in so many South Africans losing their money.

“The only time I ever had any doubts about MTI was when I saw the Market regulator FSCA report from 17th of December. The answers to all our questions lie with Johann Steynberg,” she explained.

The incident brought into question people’s desperation for quick money that sees them fall for online Ponzi schemes.