Mirror Trading International's liquidators have confirmed a United States investigation into the collapsed cryptocurrency scheme. The Federal Bureau of Investigation is leading the inquiry, which began after US victims contacted authorities regarding their losses. This development follows months of public inaction by South African authorities concerning the massive Ponzi scheme.
The five trustees overseeing MTI's liquidation engaged in meetings with international law enforcement agencies, including the FBI. These collaborations started after the US agency reached out to the liquidators. A Bloomberg report quoted an email statement from the liquidators on Tuesday, detailing their cooperation.
"The FBI is joining forces with the liquidators of Mirror Trading International in the interest of several U.S. and local investors," the statement read. MTI, founded in South Africa, presented itself as an artificial intelligence-driven forex and cryptocurrency trading platform. It was later exposed as a multi-billion dollar Ponzi scheme that defrauded an estimated 200,000 to 300,000 members worldwide, primarily through Bitcoin deposits.
Its collapse in December 2020 left countless individuals without their investments. The company's CEO, Johann Steynberg, fled South Africa and was later arrested in Brazil in December 2021. The South African Financial Sector Conduct Authority had previously issued warnings about MTI's operations in 2020, but criminal proceedings in its home country have progressed slowly.
The FBI’s involvement signals a significant escalation in the pursuit of justice for MTI victims. Cross-border financial fraud cases often require extensive international cooperation due to the dispersed nature of victims and assets. US authorities maintain a policy of neither confirming nor denying the existence of active investigations. This standard practice means the full scope and timeline of the FBI's inquiry will likely remain undisclosed until official charges are brought or other legal actions become public. The liquidators continue their efforts to recover assets for creditors.