Bitcoin News on Nostr: Claims Against Collapsed South African Bitcoin Investment Firm Rise to $84.5 ...

Claims Against Collapsed South African Bitcoin Investment Firm Rise to $84.5 MillionClaims against Mirror Trading International (MTI) have reached over $84.5 million (ZAR1.6 billion), with more than 8,000 proven creditors as of the end of April. The MTI estate still holds around $33.7 million in its accounts. Legal action is underway in multiple countries to recover withdrawals made by those who profited from the scheme. MTI was the largest pyramid scheme ever operated in South Africa. Launched in 2019, MTI promised average monthly returns of 10% and allowed members to earn bonuses by recruiting others.In April 2023, the Western Cape High Court declared MTI a pyramid and Ponzi-type scheme. MTI attracted scammers and victims worldwide, with withdrawals documented in various countries. Liquidators are reportedly pursuing those who withdrew bitcoin from the scheme, issuing summonses and letters of demand.