US authorities join investigation into fraud of a cryptocurrency exchange
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Answer US authorities join investigation into fraud of a cryptocurrency exchange
US investigators have joined an investigation into a crypto company called Mirror Trading International (MTI) in South Africa.
According to a recent report, BloombergThe FBI will cooperate with the trustee of MTI for the benefit of several US and local investors.
The US authorities are planning to facilitate the investigation in an attempt to recover the lost digital currencies.
In November 2020, Mirror Trading International had more than 260,000 members worldwide.
In addition, the company had approximately 230,000 bitcoins.
In June 2021, MTI was put into final liquidation.
South African financial regulators have described Mirror Trading International, a company and platform, as a Ponzi scheme.
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According to the aforementioned source:
The company’s liquidators held meetings with international law enforcement agencies such as the FBI, after they contacted them.
The FBI is cooperating with the liquidators of Mirror Trading International for the benefit of several US and local investors.
Cryptocurrency scams have been on the rise in South Africa since the beginning of 2021.
Back in June, South African authorities launched an investigation into a $3.6 billion cryptocurrency fraud following the disappearance of the president and Amir Kaji, founders of trading platform Africrypt.
The prevalence of cryptocurrency scams:
Crypto scams globally have increased rapidly in the past few years amid a jump in cryptocurrency adoption.
In February 2021, the United States Attorney’s Office for the Southern District of New York charged an Australian citizen with a $90 million fraud after setting up a fraudulent hedge fund.
In the case of MTI, there is still no news of Johann Steinberg, the chief executive of the South African-based company.
The liquidators supervising the company stated:
Although there is a paper trail (a plane ticket) about his attempt to fly to Brazil, it is not possible to obtain video or photographic confirmation that he actually left the country.
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In addition to South Africa, cryptocurrency scams are on the rise in Nigeria as scammers target people on Instagram and promise high returns when they invest in crypto.
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