MTI Liquidators Reject Claim Peddled by Opponents, Insist the Entity ‘Was a Massive Fraudulent Scam’

MTI Liquidators Reject Claim Peddled by Opponents, Insist the Entity "Was a Massive Fraudulent Scam"

Liquidators of Mirror Trading International (MTI) have attacked the claim that declaring the collapsed bitcoin investment platform an unlawful scheme would jeopardize investors’ chances of recovering their funds. The Unsubstantiated Claim

South African liquidators of Mirror Trading International (MTI) have rejected the claim that declaring the collapsed bitcoin investment platform an unlawful operation would result in victims losing everything. The liquidators suggested that the “unsubstantiated” claim is being propagated by a few MTI investors and their legal representatives.

According to a Mybroadband report that cites a circular issued by Investrust, the liquidators are adamant that there is no evidence that supports the claims. The report said: The available evidence is overwhelming and uncontroverted: MTI was a massive fraudulent scam, and this will remain the position.

The liquidators also warned MTI investors who stand to lose everything that they should not be hoodwinked by claims that the business only collapsed due to “bad trading.” In their circular, the liquidators insist MTI was from the start a “scheme run by top-tier investors and promoters to milk bitcoin from later investors and the lower tiers daily.”

MTI Not Solvent

Meanwhile, the report suggested that liquidators — whose High Court application to have MTI liquidated is set to be heard on March 2, 2022 — were seemingly forced to respond to claims being made by Hendrik van Staden, a lawyer who represents a group of creditors. In addition to his warning that investors will lose everything, Van Staden has reportedly told his clients that everything will be forfeited to the state if MTI is declared an unlawful business.

“This statement is completely wrong and disingenuous. The legal position in these circumstances is trite. It is irresponsible and shockingly inaccurate statements like this, that cause investors to unfairly question the motives and integrity of the liquidators,” the liquidators said in their response to Van Staden’s claims.

In their circular, the liquidators also pushed back against claims that MTI was still solvent. They said the growing number of claims against MTI means the amount owed to creditors will soon exceed the value of 1,282 bitcoins that have been recovered to date. Tags in this story Hendrik van Staden, Mirror Trading International (MTI), MTI bitcoin scam, MTI liquidation

What are your thoughts on this story? Tell us what you think in the comments section below. Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route. UK Seizes First NFTs in $2 Million Fraud Crackdown — Arrests 3 People REGULATION | 5 hours ago ECB Chief Lagarde Says Digital Euro Will Not Replace Cash — But Could Offer Convenient, Cost-Free Means of Payment REGULATION | 7 hours ago

Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleHere’s Why Everyone Should Be Keeping an Eye on Geopoly in 2022 Next articleBitso Expands to Colombia Amidst Growing Cryptocurrency Adoption in the Country Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItStudents Mining Crypto in Dorms May Face Criminal Prosecution in Russia, Lawyer Says

University students in Russia minting digital currencies in their dormitories risk penalties and even criminal charges, according to a legal expert quoted by local media. The warning comes as Russian authorities are trying to curb crypto mining with cheap energy ... read more.McDonald’s Trademark Filings Hint at Fast Food Giant"s Intent to Produce Metaverse Restaurants Global Regulators "Going Full Steam" on Crypto — Official Says "Current Structure Is No Longer Fit for the Purpose" Fitch Ratings Downgrades El Salvador Deeper Into Junk Status Citing Bitcoin Risks RBI: Cryptocurrency Is a Big Threat to Macroeconomic and Financial Stability in India