US investigators have joined an investigation into Mirror Trading International, seen as 2020’s biggest cryptocurrency scam, to help liquidators of the South African scheme recover the assets of out-of-pocket investors.
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Hamilton Cheong, a South African-born forensic sleuth, has spent the last few weeks assisting law enforcement agencies around the world unpack what happened to the Africrypt billions.
Collapsed bitcoin scheme Mirror Trading International was placed in final liquidation this week by the Western Cape high court.
South Africa is moving with more urgency to stiffen oversight of cryptocurrency assets after a proliferation of scams.
It seems lightning does strike twice for Raees and Ameer Cajee, the two brothers behind Africrypt, the company that was supposedly hacked and whose wallets were emptied of R51-billion in crypto money in April.
While thousands of investors were scrambling to find out what happened to funds they had invested in failed crypto scam MTI, a far bigger crypto disappearing act has been playing out.
Court papers filed by the liquidators for failed crypto scam Mirror Trading International have lifted the curtain on one of the most extraordinary investment rip-offs in South Africa’s history.
The evolution of digital assets such as cryptocurrencies brings phenomenal potential to change the financial industry, but with this comes certain challenges that have to be overcome. By Wiehann Olivier.
A Financial Sector Conduct Authority health warning on cryptos comes amid a flood of complaints from investors who lost money or were scammed, says head of enforcement at the regulatory body, Brandon Topham.
As major financial hubs like Singapore redraw legislation to lure crypto firms, South Africa’s burgeoning exchanges say they are having to move headquarters abroad due to uncertainty over potential government regulation.