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.
Browsing: Mirror Trading International
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.
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.
The Financial Sector Conduct Authority wants more power to prosecute perpetrators of fraud and oversee dealing in cryptocurrencies after the collapse of a bitcoin trader.
The investigation into a failed South African bitcoin trader is deepening as provisional liquidators appointed to seize control of Mirror Trading International seek to widen the scope of their inquiry.
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.