Mirror Trading International Update
Many of you were aware about the Mirror Trading international pyramid scheme that did a rug pull just over a year ago in December 2020. I knew a few people who fell into this Ponzi trap and lost a fair amount of money. South Africa topped the charts with this scam rated as the biggest of 2020. Crypto needs to get away from these types of crimes as bad publicity is not what we want to read.
Investors bought Bitcoin and sent it to another wallet belonging to MTI which was not a smart play for all involved. Not your keys not your crypto is the biggest lesson they will all learn from this. They would receive roughly 1% daily for their "investment" which obviously stopped when they did a runner. Compare that to CUB in @leofinace Kingdoms that pays out 0.10% daily compounded so there are genuine investments to be found.
MTI managed to walk away with an estimated 23 000 Bitcoin which is a serious amount of money wherever you are living in this world. Today that would equate to around $1.1 Billion.
The FBI were called in as there were a number of American investors caught up in this scheme. The South African Government stepped in saying that the scheme was illegal hence all the funds should be confiscated creating panic for the liquidators and hopeful investors. Can you imagine being scammed twice by the MTI individuals and then by your Government looking for a decent pay day.
I didn't give them much hope originally but the latest reports suggest they have recovered 1291 Bitcoin already. They have sold those to recuperate losses which is actually worth 50% more today than back then. December 2020 Bitcoin was value at roughly $30 000 compared to $46 000 today. Whatever way you look at that there is still 21 000 Bitcoin missing so not a great recovery total so far.
There are 3 houses that have already been seized along with other crypto wallets and a number of silver bars, but we are talking pocket change with all the extras scraping together another $1 million. This is over a year on from the rug pull and it doesn't look promising if you are sitting around hoping for a payout. I think 10% is the maximum they will end up with unless they can find the king pin behind this who is still on the run. My thoughts are he is already dead and certain investors have taken that money everyone is looking for as that would be the perfect crime. That thought did play through my head a few times as who would know?
What I found sick is scammers have been sending out phishing emails to MTI investors posing as the genuine liquidators. I was wondering how many fell for that trick knowing they were dumb enough to be caught up in this. Desperate people do desperate things and there must have been some who handed over various bits of information.
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In such scenario one need to be very careful not to fall victim because such people play tricks a lot to scam people by all means
One has to be very careful in dealing with stuffs like this. Who would have imagined a MTI agent/personnel or non MTI agent indulging in such scamming act. Impersonation is a serious crime, I strongly believe anyone or any organization involve in such act should be dealt with. One should be careful of being a victim to such act.
Nice post
Hard to live it, gonna have our eyes open for these kind of scams, be aware and dont give your money to anyone you dont trust.
Yes here in South Africa I know a few people in my town who lost their bitcoin to MTI. novice and veteran traders lost loads. How can they be so naive to hand over their bitcoin like that? It's the first rule of crypto. And then the govt can never be trusted, especially here. As for the scavengers still sending the victims more scam letters - the world is full of sociopaths who have no feelings for others.
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Check out the last post from @hivebuzz:
I think the most appalling part of this to me is the fact that the government is going to step in and take all of the funds themselves. That is just some next level shady crap. Just when I think the government can't be more corrupt you write another post and it gets taken to another level!