Mirror Trading International was the world’s biggest crypto scam of 2020, having roped in R8.6-billion worth of bitcoin across 470 000 transactions, according to a report by Chainalysis.
Author Ciaran Ryan
Ether, the second biggest crypto asset after bitcoin, hit its previous all-time high of US$1 400 this month and is trading at 130 times its price of four years ago. Astonishingly, the rally may be far from over.
The supreme court of appeal has thrown out MTN South Africa’s appeal against a judgment ordering it to pay R11.4-million in damages, plus interest, to a dealer whose business was shut down in 2011.
Bitcoin may have grabbed the headlines in 2020 with a price gain of 160% for the year to date, but this pales alongside its smaller brother, ethereum, which has clocked up a gain of 344% so far.
It’s been a long time coming, but it looks like the sheriff has finally arrived to the Wild West that is the crypto market in South Africa.
As the bitcoin price surged past $13 400 over the last week, an old debate has resurfaced: Is it a bubble and will it burst?
Dear South Africa has asked minister Nkosazana Dlamini-Zuma to provide the evidence that supported her decision to extend the lockdown earlier this month or prepare for an urgent court date.
A group called Anonymous ZA has dumped what it claims to be the entire transaction history of Mirror Trading International, which has been accused of being a Ponzi scheme – a claim denied by the company’s management.
Having built a customer base of five million in more than 40 countries since launching in Cape Town in 2013, Luno came to dominate the cryptocurrency market in South Africa and other countries.
“Everything is digital now. Going digital was only a discussion point for many businesses but now it’s the only reality.”