{"id":63765,"date":"2022-07-01T12:21:56","date_gmt":"2022-07-01T09:21:56","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=63765"},"modified":"2025-09-06T10:45:08","modified_gmt":"2025-09-06T07:45:08","slug":"cftc-accuses-mirror-trading-international-proprietary-limited-of-1-7-billion-bitcoin-fraud","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/cftc-accuses-mirror-trading-international-proprietary-limited-of-1-7-billion-bitcoin-fraud\/","title":{"rendered":"CFTC accuses Mirror Trading International Proprietary Limited of $1.7 billion Bitcoin fraud"},"content":{"rendered":"<p>The U.S. Commodity Futures Trading Commission (CFTC) has charged the South Africa-based Mirror Trading International Proprietary Limited (MTI) and its head Cornelius Johannes Steinberg with cryptocurrency fraud and registration violations.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Statement of <a href=\"https:\/\/twitter.com\/CFTCjohnson?ref_src=twsrc%5Etfw\">@CFTCjohnson<\/a> Regarding the CFTC Charging South African Commodity Pool Operator and CEO with $1.7 Billion Fraud Involving Bitcoin. <a href=\"https:\/\/t.co\/fKElfwQq5H\">https:\/\/t.co\/fKElfwQq5H<\/a><\/p>\n<p>\u2014 CFTC (@CFTC) <a href=\"https:\/\/twitter.com\/CFTC\/status\/1542606308028866561?ref_src=twsrc%5Etfw\">June 30, 2022<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The agency stressed that MTI&#8217;s pyramid scheme to date is the largest Bitcoin-related fraud charged by the CFTC.<\/p>\n<p>The Commission alleges that Steinberg devised an international &#8216;multilevel marketing scheme&#8217; through which he took in more than $1.7 billion.<\/p>\n<p>According to U.S. authorities, MTI attracted funds from investors for off-exchange retail foreign exchange trading using borrowed funds.<\/p>\n<p>However, instead the company allegedly misappropriated funds from at least 23,000 people, misrepresenting trading results and creating a fictitious broker through which the alleged trades were conducted.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;In reality, the small trading operations conducted by the defendants were unprofitable. They illegally appropriated at least 29,421 BTC received from investors,&#8221; the CFTC said.<\/p>\n<\/blockquote>\n<p>The commission is seeking full restitution for victims, as well as civil penalties.<\/p>\n<p>Earlier in January 2022, Steinberg <a href=\"https:\/\/u1f987.com\/en\/news\/brazilian-police-arrest-organizer-of-mirror-trading-international-bitcoin-pyramid\">was arrested in Brazil<\/a>. It was reported that MTI defrauded around 170,000 investors, who entrusted the pyramid with at least 22,000 BTC. The company promised monthly returns of at least 10%.<\/p>\n<p>Read ForkLog&#8217;s Bitcoin news in our Telegram \u2014 cryptocurrency news, prices and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The U.S. Commodity Futures Trading Commission (CFTC) has charged South Africa-based Mirror Trading International Proprietary Limited (MTI) and its head Cornelius Johannes Steinberg with cryptocurrency fraud and registration violations.<\/p>\n","protected":false},"author":1,"featured_media":63766,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[879,1154],"class_list":["post-63765","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-cftc","tag-crimes"],"aioseo_notices":[],"amp_enabled":true,"views":"16","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/63765","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=63765"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/63765\/revisions"}],"predecessor-version":[{"id":63767,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/63765\/revisions\/63767"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/63766"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=63765"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=63765"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=63765"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}