117 000 invested in bitcoin scheme that flopped
It is likely that up to 117 000 investors poured money into the collapsed Mirror Trading International (MTI) investment scheme, Die Burger reports.
Brandon Topham, head of investigations at the Financial Sector Conduct Authority (FSCA), says that is how many unique e-mail addresses were found during raids on different MTI premises.
Liquidators for the scheme are trying to assess the exact number of investors in the scheme believed to involve R8bn.
Investors transferred bitcoins to a central account, allegedly managed by MTI, from where MTI claimed a ‘super computer’ made profits through trading the bitcoins.
Investors allegedly expected returns of 10% per month.
The FSCA says it has concluded its investigation report and handed it to the court-appointed liquidators.
The authority is also considering fines and criminal charges.
‘We are still considering to what extent role-players gave financial advice, if any.’
Article disclaimer: While we have made every effort to ensure the accuracy of this article, it is not intended to provide final legal advice as facts and situations will differ from case to case, and therefore specific legal advice should be sought with a lawyer.
