Allegations against Mirror Trading International (MTI) have surged to over $84.5 million (ZAR1.6 billion), with more than 8,000 validated claimants by the end of April. Despite this, the MTI estate still retains approximately $33.7 million in its accounts. Legal proceedings are in progress across multiple nations to recoup funds withdrawn by those who profited from the fraudulent operation. MTI, which emerged in 2019, stands as the largest pyramid scheme to have ever operated in South Africa. It enticed participants with the promise of 10% monthly returns and the chance to earn bonuses through recruitment efforts.
In April 2023, the Western Cape High Court officially categorized MTI as a pyramid and Ponzi-type scheme. The scheme attracted both scammers and victims from around the globe, with documented withdrawals spanning across various countries. Liquidators are actively pursuing individuals who withdrew bitcoin from MTI, serving summonses and issuing letters of demand in an attempt to recover lost assets.
