Court rules MTI a Ponzi scheme

The Western Cape High Court has declared Mirror Trading International a Ponzi scheme, and all agreements with its roughly 200 000 members void from the outset. MTI was declared the world’s largest crypto scam by Chainalysis in 2020 after it lured global investors with promises of 10% gains a month using a bot to trade forex. These gains turned out to be fictitious, and no evidence of any successful bot trading was found – only losses.

Bitcoin valued at over R1bn A person close to the case says the declaration of MTI as a fraud should speed the recovery of funds from ‘winners’ in the scheme – those who withdrew more than they put in. Some of the ‘winners’ are known to have made more than R100 million by earning commission on the introduction of new members.

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