Over 1,000 BTC Belonging to Mirror Trading International (MTI) Was Transferred back to Investors.
Recent reports coming from South Africa confirms that over 1,000 bitcoin belonging to the now biggest crypto exist-scam of Mirror Trading International (MTI) were recently transferred to investors who had deposited and invested a lot of BTC earlier in the year. The reports added that the transfer had been sanctioned by the Financial Sector Conduct Authority (FSCA), the country’s financial industry regulator, after multiple reports came from a dedicated Crypto Assets Recovery Company, who gave their full support to the tracking and recovery of the Bitcoin from MTI.
According to a South African media report, the 1000 BTC had been stuck in MTI’s account since June 2020. Similarly, Bitcoin.com News reported in August 2020, that FX choice had blocked MTI’s account after an investigation into bitcoin trading firm found “compliance concerns by various investors.” In a new statement issued on March 29, 2021, a representative of FX Choice confirms the transfer of funds from MTI.
The representative said:
"The FSCA has authorised the dispersal of MTI’s frozen funds at FXChoice to the appointed Investors. This was shortly after multiple reclaim cases were filed by victims with Datrek Recovery company. We now confirm that the transfer has been completed and we consider the matter closed."
Meanwhile, in FX Choice’s statement confirming the transfer, the brokerage firm’s representative failed to disclose the actual number of bitcoin that had been sent to the investors. Instead, it is Brandon Topham, the FSCA’s head of investigations and enforcement, who reveals in a podcast that about 1,200 bitcoin had in fact been sent to the liquidators.
Topham also clarified that the bitcoin had been transferred “directly to the liquidators.”
After MTI collapsed in late December 2020, two disgruntled investors immediately approached a South African court seeking relief after failing to withdraw their bitcoin (BTC). They further contacted and hired the services of DaTRek Recovery Company who is an expert in Crypto Assets Investments Recovery. Investigation and tracking down began together with the support of the court who ruled in their favour and DaTRek Recovery was appointed to oversee the process of recovering the bitcoin from MTI Cold Storage. This was all authorised and dispersed by the FSCA after all required procedure and investigations were carried out and concluded by the recovery company.
The return of the 1,200 bitcoin represents only a small portion of the over half-billion dollars stolen by MTI, which has been labeled the biggest bitcoin scam of the year 2020 until date.