US Authorities has joined the investigation into the cryptocurrency scam Mirror Trading.

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August 4, 2021
US Authorities has joined the investigation into the cryptocurrency scam Mirror Trading.

Mirror Trading International (MTI) was one of South Africa's largest cryptocurrency enterprises.




South Africa had the biggest Bitcoin scam in the world in 2020

US authorities have joined an inquiry into Mirror Trading International, a crypto corporation based in South Africa (MTI).

According to a recent Bloomberg article, the Federal Bureau of Investigation (FBI) is collaborating with MTI's liquidators to protect the interests of a number of US and local investors.

South African Regulator's Probe Into Mirror Trading International Unearths  Previously Undeclared Losses and Missing Bitcoins – Regulation Bitcoin News


The US government intends to assist in the inquiry in order to reclaim the crypto assets. Mirror Trading International had over 260,000 members around the world in November 2020. A total of 230,000 bitcoins were also held by the company.



MTI was placed in final liquidation in June 2021.

Mirror Trading International was labeled a Ponzi scheme by South African financial officials.



“After being approached by international law enforcement agencies such as the Federal Bureau of Investigation, the firm's liquidators met with them.

In the interests of multiple U.S. and local investors, the FBI is collaborating with the liquidators of Mirror Trading International,” the grouping, which is made up of five trustees, said in an emailed statement to Bloomberg on Tuesday.



Scams involving cryptocurrency have been on the rise in South Africa since the beginning of 2021.

After the founders of Africrypt, Raees and Ameer Cajee, vanished in June, South African police began investigating a $3.6 billion crypto scam.


Scams in the Cryptocurrency World



South Africa: Founders of Africrypt goes AWOL after cryptocurrency scam

International crypto frauds have risen sharply in recent years, owing to a surge in the use of digital currencies.

The US Attorney's Office for the Southern District of New York charged an Australian person with a $90 million crypto hedge fund scheme in February 2021.

In the instance of MTI, there is still no word on Johann Steynberg, the company's CEO from South Africa.

“Although there is a paper trail (airplane ticket) confirming his likely flying attempt to Brazil,” the joint liquidators noted, “no video or visual confirmation that he actually depart the country could be obtained.”



Crypto scams are on the rise in Nigeria, with scammers approaching people on Instagram and offering large returns on cryptocurrency investments.


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