Thousands of South African investors were left shocked after MTI (Mirror Trading International), CEO ,Johan Steynberg, fled the country and can not be found.
Total estimated loses are over R9 Billion, with investors mainly coming from the Afrikaans community.
Individual investors from all over the world reported losing amounts as high as R5 Million.
MTI management issued the following statement on 22 December in an attempt to reassure investors (Click on the page to read the full statement).
The FBI and South African Police, are some of the agencies who are currently actively investigating MTI.
The FCSA says MTI directors converted investors money into Bitcoin in ways that makes it difficult to trace.
MTI is also said to have traded in derivatives and experienced substantial loses of up to 80%.
Affected investors, who were being paid 10% bonuses and who went up higher in the organization as they recruited more people, are now failing to withdraw funds from their wallets.
The Financial Services Conduct Authority (FCSA) is now investigating MTI, however there is little chance that their money will be recovered as all investors money was being held in Steynberg’s personal Bitcoin account.
Please read the full story on various MTI related Facebook pages.