Court papers filed by the liquidators for failed crypto scam Mirror Trading International (MTI) lift the curtain on one of the most extraordinary investment rip-offs in SA’s history.

It was rated the world’s biggest crypto scam of 2020, having roped in $588 million (R7.9 billion) worth of bitcoin in 470 000 transactions, according to the 2021 Crypto Crime Report by Chainalysis.

A data dump by Anonymous ZA puts the number of bitcoin under MTI control at 23 000, worth about R11.5 billion at current prices.

According to the liquidators, about 280 000 investors worldwide were involved.

Bitcoin CEO Johann Steynberg disappeared in December 2020 after the company stopped paying out requests for withdrawals in a bitcoin investment scheme that promised returns of up to 10% a month. These promises turned out to be nothing but smoke. The company was provisionally liquidated in December 2020.

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