Fun

MTI Bitcoins Sent to Privacy Mixers as New Data Breach Exposes the Ponzi Scheme’s Top Earners

News Feed - 2021-01-11 12:01:04

MTI Bitcoins Sent to Privacy Mixers as New Data Breach Exposes the Ponzi Scheme"s Top Earners


In another twist to the Mirror Trading International (MTI) bitcoin Ponzi scam, the blockchain intelligence firm Whitestream says bitcoins from wallets associated with the company are being sent to Wasabi privacy mixers. According to Whitestream’s update, this pivot to mixers suggests that operators of the Ponzi are trying to obfuscate the movement of the bitcoins. Conspiracy to Hide Funds


The reports of MTI bitcoins going to mixers follow the recent disappearance of the company’s CEO, Johann Steynberg late last year. This also comes after a South African court granted a liquidated order against MTI.


In an update on January 2, Whitestream explains that in the weeks preceding its report, about 75 BTC (or over $3 million) was sent to this address. Following that transaction, the blockchain intelligence firm claims it then observed the transfer of about 10 BTC from this address to a Wasabi Mixer.


Meanwhile, Whitestream Co-Founder and CEO, Itsik Levy tells News.bitcoin.com that these transfers to mixers should concern MTI investors who are trying to recover their funds. Levy says: This can maybe indicate a pattern that shows us that the operators of Mirror Trading International are trying to hide some of their funds on the Blockchain.


The CEO adds that this strategy has been a common tactic used by “other popular Ponzi schemes we already saw this year.” Bitcoin mixers are designed to allow users to mix their coins with other users in order to preserve their privacy. When coins are mixed, they become much harder to trace, and this makes mixers appealing laundering tools for cybercriminals elements.


Another Data Breach


Meanwhile, adding more woes to the MTI executives, are reports in the South African media of another hacking of the online trading company’s servers. According to one report, this latest breach has exposed the obscene earnings of some of the MTI Ponzi scheme’s founders and executives. The breach, which was perpetrated by a group calling itself Anonymous, has resulted in the publishing of “names, addresses, contact information, and account information of each of the top 200 members.”



According to this data dump, sitting at the top of this list is Clynton Marks who apparently has two accounts on MTI’s top ten earners’ list. Marks’ first account shows that he has earned bonuses totalling 532.39 BTC to date and while the other one has total bonuses of 148.48 BTC. Other names that feature in the top ten of the high earners include Ignatious Bell who similarly has more than one account. Cheri Marks, wife to Clynton Marks and the missing CEO Steynberg also make the list.


Lastly, as the report explains, the timestamps in the transaction histories suggest that this breach occurred on December 24, 2020.


Do you think MTI will succeed in recovering investments? Share your views in the comments section below. This Bitcoin Ransomware Rakes in $150 Million in BTC SECURITY | 20 hours ago Crypto User Loses Over $100K in Bitcoin While Transferring His Wallet SECURITY | 2 days ago Tags in this story Bitcoin, bitcoin mixers, Bitcoin Ponzi scheme, blockchain intelligence, Clynton Marks, Itsik Levy, Johann Steynberg, Mirror Trading International (MTI), Wasabi mixer, Wasabi Wallet, Whitestream


Image Credits: Shutterstock, Pixabay, Wiki Commons Use Bitcoin and Bitcoin Cash to play online casino games here. Show comments

News Feed

Report: Tweaks to South African Tax Filing System to Result in Decreased Crypto Arbitrage
Report: Tweaks to South African Tax Filing System to Result in Decreased Crypto Arbitrage Reports from South Africa suggest that tax authorities have plugged a l
Tom Mitchelhill7 hours agoCryptoqueen’s OneCoin legal chief pleads guilty to fraudThe former head of legal and compliance at OneCoin faces up to 10 years in prison for her role in the $4 billion crypto trading scheme.2
Bitcoin just had its best day ever — Is $100K BTC price programmed?
Zoltan Vardai12 hours agoBitcoin just had its best day ever — Is $100K BTC price programmed?Analysts expect Bitcoin price to breach $150,000 by the end of 2025, driven by the upcoming halving and the demand introduced
Dogecoin $3 Dream: Whale Activity Hints At A Surge—Details
Este artículo también está disponible en español. Dogecoin (DOGE) has once again captivated the crypto market, as significant investors have initiated transactions that s
Tom Blackstone11 hours agoLedger announces U.S. PayPal integration, lets users buy crypto from within appThrough the new integration, verified PayPal users in the United States will be able to buy BTC, ETH, BCH, and LTC
Central Bank of Iran Official Says Cryptocurrencies Have ‘Made No Contribution to Bypassing Sanctions’
Central Bank of Iran Official Says Cryptocurrencies Have "Made No Contribution to Bypassing Sanctions" An official with the Central Bank of Iran (CBI) has claime
Russia Cracking Down on Crypto Miners Minting in Residential Areas
Russia Cracking Down on Crypto Miners Minting in Residential Areas Russian authorities are now prosecuting miners extracting cryptocurrency using subsidized electricity for the pop
Indian Government Introduces New Crypto Tax Penalties
Indian Government Introduces New Crypto Tax Penalties The Indian government has introduced new crypto tax penalties, including for non-payment of crypto tax deducted at source (TDS
Turner Wright2 hours agoBrazilian securities regulator plans sandbox for tokenization in 2024Daniel Maeda with Brazil"s CVM said during Rio Innovation Week the regulator plans to explore a regulatory sandbox for use case
Binance-backed pSTAKE Finance launches Bitcoin liquid staking solution
Zoltan Vardai10 hours agoBinance-backed pSTAKE Finance launches Bitcoin liquid staking solutionpSTAKE is among the most recent protocols making Bitcoin a yield-generating asset with more capital efficiency.1669 Total vie
Tom Mitchelhill7 hours agoJPEX blames partners for ‘maliciously’ freezing funds, causing liquidity crisisCrypto exchange JPEX has pointed the finger at its third-party market makers for “maliciously” freezing fun
Gold Price Flashes Oversold Signal Following Massive Correction
Gold"s yearlong rally took a pause this week, as risk appetite lowered demand for haven assets. | Image: ShutterstockGold’s yearlong surge took a pause this week, as investor