Tag: MTI

The U.S. Commodity Futures Trading Commission (CFTC) announced that it secured an order of default judgment and permanent injunction against Cornelius Johannes Steynberg, a South African citizen. For operating a fraudulent Bitcoin-based forex trading scheme Steynberg has to pay $1,733,838,372 in restitution to defrauded victims and a $1,733,838,372 civil monetary penalty. This is the highest civil monetary penalty ordered in any CFTC case.

The much criticized Bitcoin-based forex trading MLM scheme Mirror Trading International ("MTI") was established in April 2019 in South Africa by MLM veteran Johann Steynberg. In July 2020 the Texas Financial Services Authority (FSSB) issued a cease-and-desist order against MTI and in August 2020 the South African FSCA issued an investor warning. Allegedly the MTI scheme has more than 140,000 members holding some 17,000 BTC in their trading accounts.