Investors in South African Bitcoin Pyramid Scheme MTI to Receive Partial Refunds
If you invested in the South African bitcoin pyramid scheme Mirror Trading International (MTI), there is a chance you may receive part of your money back. Liquidators are awaiting a court ruling on how to handle claims and plan to start refunding victims once they have guidance. The liquidators, from Tygerberg Trustees, are also seeking clarification on how to treat BTC deposits received from investors.
Net Losers to Receive 50-60% of Their Investment
The liquidators have not confirmed the details of the reimbursement scheme, but it is rumored that net losers will receive between 50% and 60% of their initial investment. The funds for the refunds will come from the sale of approximately 7,000 BTC, which are the remaining coins from the more than 39,000 BTC initially deposited into the scheme.
Identifying and Distinguishing Individual Investors
The liquidators are currently in the process of identifying and distinguishing individual investors from other victims. They have used forensic experts to calculate the expected number of potential claims. However, not all victims will be eligible to submit claims, especially those suspected of using cryptocurrency for illicit purposes.
Multiple Payouts Expected Over 2-3 Years
The liquidators anticipate making multiple payments to victims and expect to continue collecting funds from winners who must repay their winnings. This process is estimated to take at least another 2-3 years. The timeframe for reimbursements will depend on these collections and the court’s ruling.
Hot Take: Some MTI Investors May Receive Partial Refunds After Court Ruling
Investors who fell victim to the Mirror Trading International (MTI) bitcoin scam in South Africa could potentially receive a portion of their investment back. Liquidators are awaiting guidance from the court on how to handle claims and plan to refund affected investors. It is expected that net losers will receive between 50% and 60% of their initial investment, funded by the sale of remaining BTC. The liquidators are currently identifying individual investors, excluding those involved in illicit activities, and anticipate making multiple payouts over the next few years. This development brings hope to those who lost money in the MTI scheme.
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