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South African Court Grants Final Liquidation Order Against the ‘Biggest Cryptocurrency Scam in 2020’ Skip to main content

South African Court Grants Final Liquidation Order Against the ‘Biggest Cryptocurrency Scam in 2020’

A South African judge, Justice Alma de Wet, has ruled in favor of granting a final liquidation order against Mirror Trading International (MTI), the country’s biggest bitcoin scam in the past year. Nevertheless, the judge postponed a ruling on an application by MTI liquidators to have the company declared an unlawful business to September 8, 2021.

According to a report, interested parties that are opposed to the liquidators’ intervening application now “have until July 30 to file their answering affidavits.” On the other hand, liquidators “have until August 13 to file responding affidavits and must file their heads of argument before 24 August.”

Meanwhile, the latest court ruling, which came almost six months after the provisional liquidation order was granted, represents a victory for liquidators who have faced opposition from MTI shareholders led by Clynton Marks. As previously reported by Bitcoin.com News, Marks, a 50% shareholder in MTI, argued against liquidation claiming this would prejudice investors.

MTI Shareholder Arguments

Together with other opponents of the liquidation proposal, Marks claimed that MTI was still solvent and that liquidating the company would be premature. In addition, the MTI co-owner raised a series of technicals arguments which according to him proves that the process that led to the granting of the provisional order was not handled properly.

After several delays, however, the liquidation hearing was finally held on June 15 with the judgment being delivered 15 days later. It remains unclear if the investing platform’s assets and proceeds from the sale of recovered MTI bitcoins are going to be sufficient to meet all claims against the company.

Does the liquidation of Ponzi operations like MTI help the cause of the victims? Tell us what you think in the comments section below.

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