Claims Against Collapsed South African Bitcoin Investment Firm Rise to $84.5 Million

Claims against Mirror Trading International (MTI) have surged to $84.5 million (ZAR1.6 billion), with over 8,000 proven creditors identified by the end of April. Despite the collapse of the investment firm, the MTI estate still retains approximately $33.7 million in its accounts. Several legal actions are currently in progress across multiple countries, aiming to recover funds withdrawn by individuals who benefited from the fraudulent scheme. MTI, which commenced operations in 2019, constituted the largest pyramid scheme ever operated in South Africa. The company guaranteed an average monthly return of 10% and awarded bonuses to members who recruited others. In a significant ruling in April 2023, the Western Cape High Court officially classified MTI as a pyramid and Ponzi-type scheme. The fraudulent nature of MTI attracted scammers and victims from around the world, as withdrawal records have been documented across various countries. Liquidators are actively pursuing those who withdrew bitcoin from the scheme by issuing summonses and letters of demand.