Mirror Trading International Liquidators Spent More Than $6M On Lawyers And Investigators – Africa

Liquidators of the now defunct Bitcoin-Mirror trading platform Trading International have used approximately $4.2 million to date for expenses such as attorney or consultant fees. Between January 23, 2023 and the date of their appointment, liquidators reported recovering approximately $770,000 belonging to MTI.

Liquidators’ Fees

Liquidators of the collapsed Bitcoin Ponzi scheme Mirror Trading International (MTI) have so far spent about $4.9 million (R90.2 million) on lawyers and consultants since taking control, a report said. A total of around $6.1 million has been paid out to date, with an additional $7.3 million earmarked for bankruptcy trustee fees, according to a report by Mybroadband.

In April 2021, a Bitcoin.com News report stated that more than $70 million was raised through the sale of 1,281 bitcoins owned by MTI. A few months later, another report said that more than 8,000 BTC belonging to MTI had been “tracked” and that investigators were on their way to find more.

According to the report, however, the liquidators have recovered approximately $770,000 so far between Jan. 23 and the day they took control of the MTI assets. While bankruptcy trustees reportedly expect an “exponential increase in the amount recovered from the so-called net winners,” they are less certain about the growth rate of their expenses.

According to that BlockchainSecret service Chainalysis, MTI was the biggest crypto scam of 2020, bringing in more than $500 million for the scheme’s masterminds.

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Terence Zimwara

Terence Zimwara is an award-winning Zimbabwean journalist, author and writer. He has written extensively on the economic woes of some African countries, as well as how digital currencies can provide an escape route for Africans.

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