MTI, the new big scam with BTC

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2 min read



Until a few weeks ago, Mirror Traiding International (MTI) seemed to be one of the exceptions within the platforms that offered passive returns that generally end up scamming investors.

With more than a year of operation, where things worked really well, they made us believe that for the first time in history there could be a really serious company that offered passive returns to those who deposited their BTCs and their trust in it.

MTI offered its investors a daily return that consisted of 40% of the return it earned from daily trading. The remaining 60% was distributed to the company that made the trader, MTI itself and different bonds that were distributed among those who had developed a network.

It all seemed that the scheme was sustainable and very virtuous, but in truth there was only one great ponzi scheme that ended up collapsing with the suspicious disappearance of its executive director Cornelius Johannes Steynberg, with the complicity of Clynton Hugh Marks and Cheri Marks, already involved in a similar scam with the company BTC Global that swindled its investors with the same modus operandi as MTI.


Clynton Hugh Marks and Cheri Marks

There is no doubt that Clynton Hugh Marks and Cheri Marks are the brains behind this great scam of more than 23,500 BTCs, with the complicity of Steynberg and many of the leaders who have abandoned their networks of investors for whom they have obtained significant profits.

The FCSA, the enforcement authority that regulates financial activity in South Africa, has already conducted several investigations which included multiple raids on the homes of MTI, and on those of CEO Johan Steynberg and the Marks couple and were able to conclude that MTI's assets are insignificant compared to the amount of deposits in each of the investors' accounts.

Also under investigation is the role that the main leaders played in making the scam happen.


Cornelius Johannes Steynberg

This leaves us with the lesson that in the still highly deregulated crypto market, there is nothing safer than keeping the keys to our BTCs in our possession in a secure wallet, and that companies that offer passive returns on our deposits only seek to obtain our keys to keep our BTCs.

A scam that leaves a great deal of learning in many of us.

Turn the page and reshuffle the cards.

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