CEO of MTI Bitcoin Ponzi Scheme Flees South Africa in Possible Exit Scam – Funds Blocked

In an unexpected turn of events, the management team at Mirror Trading International (MTI) now suggest that their CEO Johann Steynberg may have exit scammed. The team alleges that Steynberg, now believed to be in Brazil, has locked out key management staff from accessing MTI’s account with a local bank. Additionally, management now appears to confirm earlier allegations that bitcoin withdrawal requests are not being honoured despite previously refuting this.

Status of Investors’ BTC Unknown

The last-minute revelations by MTI management appear to buttress the findings of an investigation by the Financial Sector Conduct Authority (FSCA), South Africa’s financial services regulator. In its update on the MTI probe, the FSCA said it uncovered losses that were not previously reported as well as bitcoins that cannot be accounted for. The FSCA says the investigation also found evidence suggesting that MTI’s broker, Trade 300 is linked to Steynberg.

Interestingly, in a statement issued on behalf of management there is a belief that Trade 300 “is potentially owned and operated by Johann Steynberg.” The statement also adds that “communication with this broker has been sparse and unforthcoming.”

Meanwhile, in the seven paged “MTI critical statement”, the management team chronicles the chain of events that followed the FSCA’s raid on the residences of the bitcoin trading company’s top executives in late October. The document starts by explaining the steps that Steynberg allegedly took after the raid and how such measures were meant to safeguard investors’ bitcoins. The statement says:

Johann told us that when the FSCA took all the electronic devices, a security protocol was put in place with the broker to avoid all our member bitcoin being stolen, this included a limitation of withdrawals. This was communicated to all members on managements’ insistence.

Next, the MTI statement states that the CEO then requested…

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