MTI members line up for small dividend
Liquidators for crypto Ponzi scheme Mirror Trading International (MTI) say roughly 10 000 members – out of the hundreds of thousands that signed up – could receive a dividend pay-out of 50c to 60c in the rand.
This is just a fraction of the more than 200 000 MTI member accounts listed on the company database.
It is believed that most members did not submit claims to the liquidators for a variety of reasons, including that they did not want to be identified.
Moneyweb reports that there were also some fraudulent claims, as well as incomplete or duplicate claims.
Liquidators say more claims may be expunged as further discoveries are made.
It is still unclear how many people actually participated in the scheme, as many were registered with MTI under the names of family members, domestic servants, and even pets.
This likely inflated the actual number of participants, as members could earn 10% commissions for referrals, which provided an incentive to make multiple deposits under different names.
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.