ICYMI: CFTCgov charged South Africa-based bitcoin pool operator Mirror Trading International with $1.7 billion fraud this week, alleging the global, multilevel marketing scheme “misappropriated” all of the bitcoin it amassed.
The top U.S. commodities watchdog charged South Africa-based bitcoin pool operator Mirror Trading International with $1.7 billion fraud on Thursday, alleging the global, multilevel marketing scheme “misappropriated” all of the bitcoin it amassed.the case as its “largest ever fraud scheme case involving bitcoin.
Victims of the scheme believed they were investing their bitcoin in a high-tech investment club “to grow your bitcoin,” charging said, citing MTI’s statements. Steynberg allegedly said MTI’s algorithms created “passive income” with 10% returns a month. Referring friends and family yielded a bonus, the documents said.Steynberg failed to make proper disclosures, lied about the existence of a “trading bot,” never made a profitable forex swap and provided clients with phony account statements, the regulator said.
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