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A large number of delayed court filings by lawyers representing investors for Mirror Trading International (MTI) has forced a South African judge to postpone a hearing in a liquidators’ request to declare the online bitcoin scam illegal.
Concern about the repercussions of the ad order
As the Mybroadband report makes clear, investors’ belated decisions to oppose the proposal stem from growing concerns that such an announcement would give liquidators too much power. Prior to the latest counter-applications, both Clynton and Cheri Marks – the co-masterminds of the MTI – opposed the liquidators’ movement.
However, as the report states, other investors have now come to the conclusion that liquidators can “seek powers that would allow them to redeem all members’ withdrawals, even if they lose money in the scheme.”
In other cases, investors were warned that if “MTI declares a pyramid or Ponzi, all profits from the proceeds of a criminal enterprise will be declared and forfeited for the benefit of the state.” This means that instead of getting a portion of their invested money back once the liquidation process is complete, to make matters worse, they will also be required to repay what they have withdrawn.
Liquidators refute the claims
However, the liquidators have refuted the allegations, according to the report. They insist that they will “only be entitled to recover amounts paid to investors to whom they were not legally entitled.”
MTI, which was ranked as the largest bitcoin scam of 2020, collapsed after the disappearance of the company’s CEO, Johann Steinberg. Since then, court-appointed liquidators have tried to recover all the bitcoins linked to MTI but have faced resistance mainly from Markses. However, some believe that when armed with advertising, liquidators will be able to go after individuals who have improperly benefited from the scheme without facing many legal hurdles.
Meanwhile, in addition to setting a new hearing date, the judge’s order also directs applicants to complete their affidavits in support of the relief they seek by September 30, 2021. The Financial Sector Conduct Authority (FSCA) has been given until the same date as the date to file another affidavit if I decided to do so.
Likewise, both opponents and proponents of the motion “to declare the MTI an illegal scheme have until September 30, 2021 to file an affidavit to support it.”
Do you agree to pay liquidators to declare MTI an illegal scheme? Tell us what you think in the comments section below.
Bitcoin News
News, Bitcoin Scam, Bitcoins, Clinton Signs, Financial Sector Conduct Authority, Johann Steinberg, Mirror Trading International (MTI), MTI Liquidation, Ponzi scheme
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