Mirror Trading International Liquidators Spent More Than $6 Million on Lawyers and Investigators

Mirror Trading International Liquidators Spent More Than $6 Million on Lawyers and Investigators

Liquidators of the now defunct bitcoin trading platform, Mirror Trading International have so far used approximately $4.2 million on expenses such as lawyers’ or consultants’ fees. Between Jan. 23, 2023, and the date of their appointment, liquidators claimed to have recovered approximately $770,000 which belonged to MTI. Liquidators’ Fees

Liquidators of the collapsed bitcoin Ponzi scheme Mirror Trading International (MTI) have so far spent approximately $4.9 million (90.2 million rands) on lawyers and consultants since assuming control, a report has said. According to a Mybroadband report, a total of approximately $6.1 million has so far been disbursed while a further $7.3 million is earmarked for liquidators’ fees.

In April 2021, a Bitcoin.com News report said more than $70 million was raised from selling 1,281 bitcoins belonging to MTI. A few months later, another report said more than 8,000 BTC belonging to MTI had been “traced” and that investigators were on track to finding more.

However, according to the report, between Jan.23 and the day they took control of MTI assets, liquidators have so far recovered around $770,000. While liquidators are said to be expecting an “exponential increase in the amount recovered from the so-called net winners,” they are less certain about the growth rate of their expenditure.

According to the blockchain intelligence firm, Chainalysis, MTI was the biggest crypto scam in 2020 which netted more than $500 million for the scheme’s masterminds. Tags in this story Bitcoin Ponzi scheme, blockchain intelligence, crypto scam, liquidators, Mirror Trading International (MTI)

What are your thoughts on this story? Let us know what you think in the comments section below. Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route. South Africa Added to FATF "Grey List" Despite Designation of Crypto as a Financial Product AFRICA | 2 days ago Crypto Policy: Kenyan Senate Ready to Engage Central Bank AFRICA | 3 days ago

Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleReports Indicate USDT Is Being Used in Venezuela to Facilitate Settlements and to Avoid Sanctions Next articleCeffu (Formerly Binance Custody) to be Custodian of Flynt Finance for Enhanced Asset Security and Off-Exchange Settlement Show comments More Popular NewsIn Case You Missed ItFollowing a Brief Fee Spike, Gas Prices to Move Ethereum Drop 76% in 12 Days

Transaction fees on the Ethereum network are dropping again after average fees saw a brief spike on April 5 jumping to $43 per transfer. 12 days later, average ether fees are close to dropping below $10 per transaction and median-sized ... read more.NFT Sales Volume Saw a Small Uptick This Week — Moonbirds, Mutant Apes Take Top Sales Argentinian Securities Regulator Launches Innovation Hub to Discuss Regulated Crypto Investments Iran to Increase Penalties for Unauthorized Cryptocurrency Mining Ethereum Foundation"s Financial Report Discloses It Holds $1.6 Billion in Assets, 80.5% Held in Ether