A South African Firm Carries Out The Biggest Bitcoin Ponzy Scheme, Investigation Are On

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A South African Firms Carries Out The Biggest
Bitcoin Ponzy Scheme, Investigation Are On
The U.S. Commodity Futures Trading Commission has
charged a South African firm and its chief
executive for allegedly conducting the biggest
ever cryptocurrency-based Ponzi scheme in history.
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Mirror Trading International Proprietary Limited
(MTI) had close to 2 billion in bitcoin at its
disposal, according to the CFTC. Additionally,
it's suspected that the business broke
registration rules. According to court documents,
MTI's claimed CEO Cornelius Johannes Steynberg
had asked tens of thousands of individuals to
send him bitcoins online, including more than
20,000 Americans. The CEO has conducted this scam
under the company name which goes by the name of
Trading International Proprietary Limited (MTI).
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Even though the firm allegedly swindled money and
provided misleading information about its
operations, trades, and performance levels, the
company operated under the guise of trading
forex. It may also have falsified financial
records and used a fictitious broker to execute
deals. The CFTC has charged the CEO of a
cryptocurrency-based Ponzi scheme with fraud
charges of misusing more than 29,000 bitcoin
units. According to the CFTC, this is the biggest
cryptocurrency-based Ponzi scheme it has ever
been requested to look into. The CFTC states that
the defendants used social media, websites, and
even bitcoins to entice people to donate bitcoin
in exchange for joining their pool. The 20-count
indictment alleges that at least 23,000 people
were misled into donating their bitcoin to the
pool. CFTC asks for restitution, civil penalties
and fines, and permanent trading and registration
restrictions, among other punishments, on behalf
of the participants who were misled.
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The defendants have been charged with engaging in
a fraudulent scheme to defraud their investors
and violating the Commodity Exchange Act by
operating an unregistered commodity pool for
trading futures contracts on bitcoin and other
cryptocurrencies. In addition to being charged
with those crimes, they have also been accused of
lying about how much was invested in the pool and
how much money members were paid back after
investing in it. The number of crypto frauds is
on the increasing side. Given that, a majority of
analysts demand to bring digital assets under the
framework of regulations. Though some may claim
that adopting regulation would go against the
spirit of cryptocurrencies, they want to see
investors and traders protected from scams and
fraudulent incidents like these.
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Initially, cryptocurrency was meant to be
everything that the world of traditional banking
institutions was not. It would provide
individuals with financial independence by
insulating them from prying eyes. By imposing
laws, we risk depriving various users of the
freedom they desire.
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