Mirror Trading International is charged with $1.7 billion in fraud by the CFTC!

The Commodity Futures Trading Commission (CTFC) is filing a civil enforcement action against Mirror Trading International Proprietary Limited and its founder Cornelius Johannes Steynberg. The South African trading company used Bitcoin as its base currency for allegedly running the largest-ever BTC trading scheme. The CTFC alleges that instead of trading funds on foreign exchange platforms, which defrauded investors by misappropriating their funds and operating a Ponzi scheme. The Commodity Futures Trading Commission charges Mirror Trading International with $1.7 billion fraud. MTI's central figure is accused of accepting 29,421 BTC from 23,000 Americans for a commodity pool operation that he was not qualified to operate. His alleged scam lasted from May 2018 until early 2021, when MTI filed for bankruptcy and liquidation in South Africa.