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

A total of 8,000 bitcoins have been tracked down by Mirror Trading International (MTI), while another 29,000 bitcoins could soon suffer a similar fate. The tracked coins, valued at over $ 280 million (R4 billion), represent a potential breakthrough for troubled MTI investors.

Liquidators want the court to declare MTI a Ponzi scheme

The latest revelations came shortly after a South African court issued a final liquidation order against MTI. Prior to this announcement, liquidators of the Ponzi scheme had only received back 1,281 bitcoins that had been given back to liquidators by MTI’s previous broker FX Choice. As previously reported by Bitcoin.com News, the 1,281 bitcoins were ultimately sold and more than $ 70 million was raised from the sale.

However, according to a Moneyweb report, liquidators intend to campaign for MTI to declare a Ponzi scheme on their return in court on September 8th. ”The report also notes that those who oppose the declaration , have until August 31st to submit their declaration of oath.

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

Of course, we want to win back as much money as possible for the members, especially for the elderly and vulnerable. It’s important for members to know that they don’t have to deposit into the estate just because they’ve benefited from withdrawals. It just means that their claims will be reduced by the amount they have already received in terms of withdrawals. For example, if you have paid in R30,000 and withdrawn R10,000, your claim against MTI will be reduced from R30,000 to R20,000.

Roadshow planned for MTI investors

Prior to the December 2020 collapse, MTI repeatedly claimed to have over 280,000 accounts, most of which were owned by South Africa-based investors. However, liquidators insist that this number be reduced to 150,000-180,000 “once accounts are opened in the name of pets and other fake accounts are removed”.

Meanwhile, the report reveals that liquidators are also planning to launch a national roadshow to support MTI investors. This initiative is intended to help liquidators to contact as many members of MTI as possible and to support them in asserting their claims.

Do you think the MTI liquidators will be able to get back any missing bitcoins? Let us know what you think in the comments section below.

Photo credits: Shutterstock, Pixabay, Wiki Commons

source https://bidsfor.me/8000-btc-owned-by-mirror-trading-international-tracked-investors-urged-to-file-claims-regulation-bitcoin-news/