MTI bitcoin recovery offer a scam

The provisional liquidators of Mirror Trading International (MTI) have warned members to avoid being scammed again.

Several MTI members have been contacted by people purporting to be agents of crypto organisations, with offers to trace and recover bitcoin handed over to the failed bitcoin scheme, which was placed in provisional liquidation in December 2020 after failing to honour requests from members for withdrawals..

MTI members are asked to send additional bitcoin to these so-called recovery agents.

Joint liquidator Riaan van Rooyen said: “MTI members are being contacted by people purporting to be agents with access to MTI’s database. These agents are falsely claiming they can recover bitcoin deposited by members into MTI.

“Only the provisional liquidators have access to the MTI database, and only the provisional liquidators can disburse recovered bitcoin to members.”

Liquidators recovered and sold 1 281 bitcoin from Belize-based broker FX Choice, generating more than R1.1 billion for the estate. A further roughly 8 000 bitcoin have been traced and were in the process of being recovered, said Van Rooyen.

MTI was declared by Chainalysis as the world’s biggest bitcoin scam in 2020, and roped in hundreds of thousands of members worldwide with promises of returns of up to 10% a month.

Members have been warned to accept communications relating to MTI only from the joint liquidators: https://investrustmticlaims.co.za/. Members can download claim documents from https://www.investrust.co.za/mti-liquidation.html.

Moneyweb