A slew of late court filings by lawyers representing Mirror Trading International (MTI) investors has forced a South African judge to postpone the hearing of the liquidators’ application to have the online bitcoin scam declared an illegal business.
Concern Over Implications of Declaration Order
As a Mybroadband report explains, the investors’ belated decisions to oppose the motion stems from growing concerns that such a declaration would give liquidators too much power. Before the latest counter applications, only Clynton and Cheri Marks — the co-masterminds of MTI — had opposed the liquidators’ motion.
However, as the report states, other investors have now come to the conclusion that the liquidators could be “seeking powers that would allow them to claw back the withdrawals of all members, even if they lost money in the scheme.”
In other instances, investors have been warned if “MTI is declared a pyramid or Ponzi, then all…