Mirror Trading International (MTI), the South African bitcoin Ponzi scheme’s liquidators, have delivered summonses to eighteen people suspected of being the scheme’s masterminds.
According to a report, the liquidators want the named parties to repay over $291 million (4,666,077,528 rand) to satisfy the scheme’s debts.
The intention to summon the suspected MTI masterminds comes only months after liquidators failed in their attempt to have a South African court declare the virtual bitcoin trading system an unlawful enterprise.
A spate of late filings by attorneys representing MTI investors stymied the effort, according to a news report.
Investors were concerned that the liquidators’ move would give them too much power, jeopardizing their prospects of getting their money back. Following the investors’ intervention, a South African judge postponed the hearing until a later date.
Meanwhile, according to a report by Mybroadband, the trustees have petitioned the Pretoria High Court to hold MTI’s masterminds accountable under the Companies Act.
The liquidators allegedly said that summoned persons, including MTI co-owners Clynton Marks and Johann Steynberg were aware that the bitcoin trading platform was unstable with their response.
The liquidators allegedly stated in their summons that “[the defendants] were at all crucial times conscious of the fact that MTI was trading insolvently as well as of the activities perpetrated and constituted fraud upon MTI’s creditors.”
As a result, the liquidators argue that all of the summoned persons should be held accountable for their roles in MTI’s fraudulent company.
The organization was dubbed the biggest crypto fraud of 2020 after its CEO Johann Steynberg vanished with investor monies in late 2020. In late 2021, he was apprehended by Brazilian authorities.
Following the collapse of the online trading platform, court-appointed liquidators have been fighting a group of investors who oppose the liquidation process.
The organization asks the court to halt the process, claiming that the organization is still solvent and hence should not be liquidated.
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