Home Scam/Fraud Anatomy of a bitcoin scam: How MTI duped investors

Anatomy of a bitcoin scam: How MTI duped investors

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Court papers filed by the liquidators for failed crypto scam Mirror Trading International (MTI) have lifted the curtain on one of the most extraordinary investment rip-offs in South Africa’s history.

It was rated the world’s biggest crypto scam of 2020, having roped in US$588-million (R7.9-billion) worth of bitcoin in 470 000 transactions, according to the 2021 Crypto Crime Report by Chainalysis.

A data dump by Anonymous ZA puts the number of bitcoin under MTI control at 23 000, worth about R11.5-billion at current prices. According to the liquidators, about 280 000 investors worldwide were involved.

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