In addition, the judge, Justice MJ Dolamo, said MTI investors should submit claims denominated in the local currency — the rand. bitcoin ponzischeme mti
Report: Judge in MTI Liquidation Case Issues Order Designating Bitcoin an Intangible Asset
A judge in the collapsed online bitcoin trading platform Mirror Trading International’s liquidation case has issued a provisional liquidation order that outlines the criteria to be used when reimbursing investors. The order also reportedly directs the liquidators to regard bitcoin “as [an] intangible asset that constitute[s] property.
Using a complex compensation method that divides MTI investors into three different categories, the judge directed liquidators to accept claims from investors with zero returns. The judge’s order also states that investors whose withdrawals are less than their initial investment need to deduct such drawings so that the value of their claims is determined.
When the funds are recovered, investors in this class will also be allowed to prove their claims arising from the initial investment in MTI “but not in respect of profit.”Meanwhile, under the second scenario in which MTI investors become creditors, Justice Dolamo said liquidators should go after the Class 2 investors “in respect of in the returns.” For Class 3 investors, liquidators should go after both the initial investments and the profits.
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