MTI collapsed in December of last year after it stopped providing funds to its members.
- The estate of the missing CEO of Mirror Trading International, Johann Steynberg, has been placed in final receivership by order of the High Court in Polokwane.
- MTI sold itself as an innovative bitcoin trading platform, promising lavish returns to thousands of investors before collapsing in December of last year.
- Steynberg has been missing for six months.
The estate of the missing CEO of Mirror Trading International (MTI), Johann Steynberg, has been placed in final receivership by order of the High Court in Polokwane.
The ruling was released on Tuesday, about three weeks after MTI was wound up by an order from the Western Cape High Court.
The decision to enter into receivership was confirmed by one of MTI’s liquidators.
MTI has sold itself as an innovative bitcoin trading platform, promising lavish returns to its tens of thousands of investors. After gaining popularity during the first months of the Covid-19 pandemic, it imploded in December of last year.
Shortly after he stopped paying member returns, Steynberg disappeared.
Steynberg has not been heard since and made no representation at the hearings to liquidate MTI and its estate.
His wife, Nerina Steynerg, said in a preliminary inquiry earlier this year that her husband “will never leave me, will never leave his child.”
“He’s a good person,” she said. “Someone must have done this to him.
Before its collapse, MTI management denied it was a Ponzi scheme, accusing critics of being “jealous” of its innovative business, which they boasted of including an artificial intelligence bot. “Super smart”.
The market regulator, the Financial Sector Conduct Authority (FSCA), accused Steynerg of repeatedly lying to him in meetings that took place before his disappearance. In a report, the FSCA said it was likely no deal ever took place.
The platform has been named the world’s biggest cryptocurrency investment scam of 2020 by data firm Chainalysis.