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FBI joins Mirror Trading probe in Africa to help recover US investor funds

Published 08/04/2021, 05:33 AM
Updated 08/04/2021, 07:20 AM
FBI joins Mirror Trading probe in Africa to help recover US investor funds

Investigations into the South African company Mirror Trading International (MTI) — widely seen as last year’s most ruinous Bitcoin (BTC) Ponzi scheme — are now engaging the United States Federal Bureau of Investigation.

MTI, which went into provisional liquidation in December 2020, claimed to have over 260,000 members across 170 countries at its height. It had first caught regulators’ attention in Texas back in July of last year, where its operations were quickly shut down. South Africa’s Financial Services Conduct Authority (FSCA) issued its own statement in August 2020, warning that the company lacked a mandatory license and was offering investors implausible, fantastical returns on their investment. The FSCA had advised MTI’s existing clients to request immediate refunds.

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