Investors in the collapsed bitcoin Trading scheme Mirror International (MTI) are facing a dwindling pool of assets. A recent court filing by auditor Jan Dekker provides an update on what has happened to the roughly R1.1 billion in bitcoin that was recovered by liquidators and sold in South Africa in 2021.
The current value of the MTI estate is R627 million, which is nearly R450 million less than the R1.1 billion recovered by liquidators in 2021.
Those funds were invested and earned interest, while further amounts were subsequently recovered by liquidators, which would have initially pushed up the value of the estate.
The report also highlights the reduced prospect of recovering any bitcoin supposedly hidden by MTI founder Johann Steynberg, who reportedly died of a heart attack in Brazil in April while awaiting extradition to SA to face fraud charges for his role in a Ponzi scheme that roped in 39 193 bitcoin, worth about R44 billion at today's prices.
This story is from the June 27, 2024 edition of The Citizen.
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This story is from the June 27, 2024 edition of The Citizen.
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