At the same time, the pool was not registered. Representatives of Mirror Trading stated that bots were trading, but, in fact, they were trading in the OTC Forex market. In the end, the company embezzled all the users’ money.
Mirror Trading Pyramid was launched in May 2018 and operated until 2021.
More than 23,000 people around the world have invested in the scheme. In total, the company has raised nearly 30,000 BTC, which as of March 2021 was $1.7 billion.
That’s why the regulator imposed such a significant fine on Steinberg. Half of the $3.4 billion will go to reimburse investors, and the other half will go to the U.S. budget as a civil penalty.
True, it is unknown whether the pyramid organizer will be able to pay such a huge amount.
Recall that Steinberg was arrested in Brazil in early 2022, and in July the CFTC accused the organizers of Mirror Trading of lack of registration.