Mirror Trading International (MTI), declared a pyramid scheme by the South African High Court, was a cryptocurrency trading platform promising automated trading services with significant returns.^[1]

MTI was masterminded by Johann Steynberg, who claimed to use an artificial intelligence bot for its trading activities.^[2] MTI faced intense scrutiny and legal challenges, particularly from South African authorities, who alleged that it was operating as a fraudulent scheme.

MTI's unraveling led to its eventual collapse, the arrest of key figures, and significant financial losses for many investors.^[3][4][5]

The scheme involved 100,000 people from 140 countries.^[6]

Timeline of Mirror Trading International:

2019: MTI was launched in South Africa as an automated bitcoin trading platform, offering significant returns to investors through a trading bot.^[1]

2020: Membership in MTI experienced a significant increase, especially due to its network marketing model.^[1] In September 2020, vulnerabilities in MTI's website were exposed by Anonymous ZA and a MyBroadband investigative journalist, leading to worldwide warnings against the company.^[1] In December 2020, MTI collapsed following the disappearance of CEO Johann Steynberg in Brazil^[1]

2021: In June 2021, MTI was placed into final liquidation by the Western Cape High Court^[1] In December 2021, Johann Steynberg was arrested in Brazil on charges of using forged identity documents^[1]

2023: In April 2023, the Western Cape High Court declared MTI a pyramid and Ponzi-type scheme. Attempts to appeal the ruling by Clynton Marks were not granted.^[1] MTI's liquidators received recognition in various countries, aiding the investigation and fund recovery efforts.^[1][7][8]

The liquidators of MTI played a crucial role in the investigation and fund recovery efforts of the Ponzi scheme. Here are some ways in which they aided in these efforts:

Recovery of Funds: The liquidators successfully recovered 1,281 BTC (worth approximately R1.05 billion) from the sale of BTC held by Belize-based broker FXChoice.^[2] This recovery was a significant step towards compensating the victims of the scam.

Identification of Possible Debtors: The liquidators conducted preliminary investigations and identified "possible debtors" with claims totaling R2.07 billion.^[2] This process involved examining the assets and affairs of individuals and entities associated with MTI, including JNX Online, a company controlled by former MTI CEO Johann Steynberg and his wife Nerina.^[2]

Investigation of Assets and Affairs: The liquidators are actively investigating the assets and affairs of JNX Online, which was used by Steynberg to buy and sell BTC and to pay creditors and employees of MTI.^[2] This investigation aims to uncover any potential fraudulent activities or hidden assets that could be used to compensate the victims.

Collaboration with International Law Enforcement Agencies: The liquidators have teamed up with international law enforcement agencies, including the US Federal Bureau of Investigation, to assist in the recovery of funds.^[2] This collaboration enhances the chances of locating and retrieving assets that may have been moved or hidden outside of South Africa.

Appointment of Crypto Specialists: To aid in the quantification and identification of claims, the liquidators have appointed crypto specialists to analyze the information obtained from MTI's back-office platform, Maxtra Technologies.^[2] These specialists possess the expertise needed to navigate the complexities of cryptocurrency transactions and trace funds.

• List of Ponzi schemes