• bitcoinBitcoin(BTC)$20,089.00-1.08%
  • ethereumEthereum(ETH)$1,106.31-4.60%
  • tetherTether(USDT)$1.000.050%
  • usd-coinUSD Coin(USDC)$1.00-0.03%
  • binancecoinBNB(BNB)$219.02-6.04%
  • binance-usdBinance USD(BUSD)$1.000.430%
  • rippleXRP(XRP)$0.329-3.23%
  • cardanoCardano(ADA)$0.466-1.33%
  • solanaSolana(SOL)$34.19-4.69%
  • dogecoinDogecoin(DOGE)$0.0692.06%
  • News
    • Press Releases
  • Markets
  • Articles
    • Opinion
    • Guest Posts
  • Policy
  • Videos
  • Podcasts
  • Learning
    • DeFi Basics
    • Blockchain Bitesize
  • Research
    • Case Studies
  • Explore
    • NFTs
    • DAOs
    • Crypto Gaming
    • Crypto Metaverses
  • Markets Pro
    • DeFi Planet Pro
    • Coin Prices
    • Crypto Exchanges
    • Crypto Analyzer
No Result
View All Result
DeFi Planet (Home of Blockchain, Crypto & DeFi)
  • News
    • Press Releases
  • Markets
  • Articles
    • Opinion
    • Guest Posts
  • Policy
  • Videos
  • Podcasts
  • Learning
    • DeFi Basics
    • Blockchain Bitesize
  • Research
    • Case Studies
  • Explore
    • NFTs
    • DAOs
    • Crypto Gaming
    • Crypto Metaverses
  • Markets Pro
    • DeFi Planet Pro
    • Coin Prices
    • Crypto Exchanges
    • Crypto Analyzer
No Result
View All Result
DeFi Planet (Home of Blockchain, Crypto & DeFi)
No Result
View All Result
Home News Latest News

South African Bitcoin Ponzi Scheme “Masterminds” Face Hundreds of Millions in Fines

13 May 2022
Reading Time: 2 mins read
104 5
South African Bitcoin Ponzi Scheme “Masterminds” Face Hundreds of Millions in Fines

source: news.bitcoin.com

The orchestrators of a popular bitcoin Ponzi scheme operating in South Africa have been ordered to repay $291 million in restitution for their fraudulent activities. Mirror Trading International (MTI) ran the bitcoin Ponzi scheme, and eighteen individuals involved are currently facing legal action.

The liquidators in charge of the case have demanded that individuals implicated in the scheme compensate those who were affected. The liquidators have summoned everyone involved, and they have been required to pay 4,666,077,528 Rand, approximately $291 million.

The summons was issued in part because the liquidators were unable to convince the South African judiciary to classify the platform as a Ponzi scheme. Attempts by liquidators to recover funds have been thwarted by some MTI investors. When the liquidators file a request with the court, the lawyers representing some of the investors often interfere with the proceedings.

Investors firmly oppose the activities of the liquidators because they believe that the latter’s actions will not benefit them. Liquidation reduces the chances of MTI compensating its investors. 

According to reports, investors have also filed a petition asking the Pretoria High Court to hold the promoters of MTI accountable for the loss as stipulated in the Companies Act.

 

If you would like to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, and Instagram.

“Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools”

 

Share63Tweet40Share11
Rose Nnamdi

Rose Nnamdi

Related Posts

Hackers Steal $100 Million from Horizon Bridge in Fresh Attack
Latest News

Hackers Steal $100 Million from Horizon Bridge in Fresh Attack

29 June 2022

Hackers have carted away $100 million in cryptocurrencies from Horizon, a blockchain bridge, in the latest significant theft in the crypto industry. Although there are currently few details about the incident available, Harmony, the company behind Horizon, claims to...

Ex-Sushi CTO Raises $8 Million for Astaria - an NFT Lending Platform
Latest News

Ex-Sushi CTO Raises $8 Million for Astaria – an NFT Lending Platform

28 June 2022

Astaria, a non-fungible token (NFT) lending platform and liquidity engine, has raised $8 million in seed funding to help the company grow during the bear market.  True Ventures, Arrington Capital, Ethereal Ventures, Wintermute, Genesis Trading, LedgerPrime, Hypersphere Ventures, The...

Massachusetts Government Issues A Warning on Crypto Scams Targeted at the LGBTQIA+ Community
Latest News

Massachusetts Government Issues A Warning on Crypto Scams Targeted at the LGBTQIA+ Community

28 June 2022

The Massachusetts government believes that some scammers may create fraudulent crypto projects targeted at defrauding members of the LGBTQIA+ community. Authorities have warned that these scammers may take advantage of June's status as the community's Pride Month.  According to...

Hacker Group, “Anonymous” Promises To Further Expose Do Kwon
Latest News

Hacker Group, “Anonymous” Promises To Further Expose Do Kwon

28 June 2022

Anonymous, a popular hacktivist group, has promised to expose Do Kwon's "crimes" and ensure that he is penalized for them. The group allegedly released a video on Youtube stating that they had plans to uncover and publicize more of...

News Update

Hackers Steal $100 Million from Horizon Bridge in Fresh Attack

7 hours ago

Ex-Sushi CTO Raises $8 Million for Astaria – an NFT Lending Platform

1 day ago

Massachusetts Government Issues A Warning on Crypto Scams Targeted at the LGBTQIA+ Community

1 day ago

Hacker Group, “Anonymous” Promises To Further Expose Do Kwon

1 day ago

Will Cryptocurrency Recover in 2022? What Do Experts Have to Say?

2 days ago

Despite the Challenging Market Conditions, a New Solar-Powered Bitcoin Miner Has Begun Operations

2 days ago

Spotlight

All about SolChicks

All about Algorand

All about Bitcoin

All about Goracle

Press Releases

Equito Finance – Working For the Ethereum Community

Equito Finance – Working For the Ethereum Community

byGuest Author
17 June 2022
0

...

Equito Finance DEX Launches on Testnet

Equito Finance DEX Launches on Testnet

byGuest Author
17 June 2022
0

...

Goracle: Decentralized Sports Betting

Goracle: Decentralized Sports Betting

byGuest Author
20 June 2022
0

...

Load More
  • About Us
  • The Team
  • Careers
  • Contact
  • Advertise

© Copyright 2022 DeFi Planet   |   Terms & Conditions   |   Privacy Policy

No Result
View All Result
  • News
    • Press Releases
  • Markets
  • Articles
    • Opinion
    • Guest Posts
  • Policy
  • Videos
  • Podcasts
  • Learning
    • DeFi Basics
    • Blockchain Bitesize
  • Research
    • Case Studies
  • Explore
    • NFTs
    • DAOs
    • Crypto Gaming
    • Crypto Metaverses
  • Markets Pro
    • DeFi Planet Pro
    • Coin Prices
    • Crypto Exchanges
    • Crypto Analyzer

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Posting....
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?
-
00:00
00:00

Queue

Update Required Flash plugin
-
00:00
00:00