US court finds South African firm guilty in major crypto scam
Mirror Trading International (MTI) is convicted by a U.S. court for deceiving victims in a Bitcoin scam, facing a restitution order of $1.7 billion. The U.S. Commodity Futures Trading Commission (CFTC) revealed that Mirror Trading International Proprietary Limited (MTI) has been convicted in a crypto currency fraud case. The complaint against the South African firm was lodged on June 30. MTI had falsely promised victims trading intelligence software that utilized Bitcoin (BTC). The company and its CEO misled users by offering participation in an unregistered commodity pool in return for Bitcoins. They managed to deceive victims into contributing a staggering 29,421 BTC. As a result of the verdict, MTI is mandated to reimburse the victims an estimated $1.7 billion and will be barred from trading in CFTC markets. You might also like: UN report links SE Asia crypto scams to human trafficking The rise and impact of crypto scams With the surge in crypto currency adoption, sc...