Anatomy of a bitcoin scam: How MTI duped investors
Court papers filed by the liquidators for failed crypto scam Mirror Trading International (MTI) have lifted the curtain on one of the most extraordinary investment rip-offs in South Africa’s history.
It was rated the world’s biggest crypto scam of 2020, having roped in US$588-million (R7.9-billion) worth of bitcoin in 470 000 transactions, according to the 2021 Crypto Crime Report by Chainalysis.
A data dump by Anonymous ZA puts the number of bitcoin under MTI control at 23 000, worth about R11.5-billion at current prices. According to the liquidators, about 280 000 investors worldwide were involved.