{"id":18121,"date":"2023-02-27T11:07:31","date_gmt":"2023-02-27T11:07:31","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/mirror-trading-international-liquidators-spent-more-than-6-million-on-lawyers-and-investigators-africa-bitcoin-news\/"},"modified":"2023-02-27T11:07:31","modified_gmt":"2023-02-27T11:07:31","slug":"mirror-trading-international-liquidators-spent-more-than-6-million-on-lawyers-and-investigators-africa-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/mirror-trading-international-liquidators-spent-more-than-6-million-on-lawyers-and-investigators-africa-bitcoin-news\/","title":{"rendered":"Mirror Trading International Liquidators Spent More Than $6 million on Lawyers and Investigators \u2013 Africa Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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Liquidators of the now defunct bitcoin trading platform, Mirror Trading International have so far used approximately $4.2 million on expenses such as lawyers\u2019 or consultants\u2019 fees. Between Jan. 23, 2023, and the date of their appointment, liquidators claimed to have recovered approximately $770,000 which belonged to MTI. <\/strong><\/p>\n

Liquidators\u2019 Fees<\/h2>\n

Liquidators of the collapsed bitcoin Ponzi scheme Mirror Trading International (MTI) have so far spent approximately $4.9 million (90.2 million rands) on lawyers and consultants since assuming control, a report has said. According to a Mybroadband report<\/a>, a total of approximately $6.1 million has so far been disbursed while a further $7.3 million is earmarked for liquidators\u2019 fees.<\/p>\n

In April 2021, a Bitcoin.com News report<\/a> said more than $70 million was raised from selling 1,281 bitcoins belonging to MTI. A few months later, another report said more than 8,000 BTC<\/a> belonging to MTI had been \u201ctraced\u201d and that investigators were on track to finding more.<\/p>\n

However, according to the report, between Jan.23 and the day they took control of MTI assets, liquidators have so far recovered around $770,000. While liquidators are said to be expecting an \u201cexponential increase in the amount recovered from the so-called net winners,\u201d they are less certain about the growth rate of their expenditure.<\/p>\n

According to the blockchain intelligence firm, Chainalysis, MTI was the biggest crypto scam<\/a> in 2020 which netted more than $500 million for the scheme\u2019s masterminds.<\/p>\n

What are your thoughts on this story? Let us know what you think in the comments section below. <\/strong><\/em><\/p>\n

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\nTerence Zimwara <\/h6>\n

\nTerence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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