Bitcoin News

South African Court submissions expose the MTI Bitcoin Ponzi scheme.

South African Court submissions expose the MTI Bitcoin Ponzi scheme

South Africa Court submissions expose the lies and deceptive tactics used to perpetuate the Bitcoin Ponzi scheme. The Financial Sector Conduct Authority and liquidators have made new submissions. Moreover, the submissions exposed the web of lies and misleading tactics Johann Steynberg and others used.

Undeclared losses

The regulator exposed the true extent of losses incurred by Bitcoin investment company in the report filed with the South African Court. For instance, the FSCA calls the first-period MTI had a total of nearly 51 Bitcoin. Traders deposited these Bitcoins with Belize-based forex broker FXChoice, where traders lost 43% of these coins.

However, no multi-level marketing involved at this point there. Nevertheless, there are chances for this to change in the second period when Steynberg purportedly introduced the computerized training bot, which falsely guarantees returns of 10% each day.

According to the report, FXChoice reported to the FSCA that 1,846 Bitcoin the deposited between January and June 2020. However, 566 Bitcoins which is about 30 %, were lost. Moreover, MTI claims success and is promoting on social media. Unfortunately, the reports are entirely at odds with the wild claims. In addition, FXChoice subsequently froze the remaining 1,280 Bitcoins.

MTI shareholding structure

In the meantime, the MTI liquidators have similarly submitted evidence that exposes the Bitcoin investment company’s actual shareholding structure.

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