CFTC charges Mirror Trading International with alleged fraud of $1.7 billion worth of Bitcoin

2022-7-1 05:25

The Commodity Futures Trading Commission (CFTC) has charged Cornelius Johannes Steynberg and his company Mirror Trading International (MTI), with fraud and registration violations.

The South African trading company is the subject of a complaint filed by the CFTC on June 30, 2022, which alleges that Steynberg launched and used MTI to operate a global foreign currency commodity pool worth over $1.7 billion.

In order to take part in the pool, users had to purchase Bitcoin, with no other currencies being accepted for participation in the pool. The complaint alleges this project to be the largest fraudulent scheme involving Bitcoin (BTC) in any CFTC case.

The same complaint also highlights the fraudulent activity that allegedly occurred between May 18, 2018, and March 30, 2021, when Steynberg operated Mirror Trading International as a multi-level marketing scheme. Steynberg used social media and multiple websites to solicit Bitcoin from public members through the global foreign currency commodity pool.

The commodity pool is purported to have traded off-exchange, retail foreign currency on a leveraged basis with users who were not eligible contract participants (ECPs). The defendants allegedly claimed falsely that this trading was done via proprietary trading “bot” or software program.

During this period, Steynberg allegedly accepted at least 29,421 Bitcoin (worth $1.7 billion) to participate in the commodity pool from approximately 23,000 non-ECPs located in the United States and even more found in other parts of the world. This was carried out even though the defendant was not registered as a commodity pool operator as was required. 

Steynberg is alleged to have done this both individually and on behalf of Mirror Trading International. All of the Bitcoin that the defendants had taken from the pool members had been improperly appropriated in some way, either directly or indirectly.

The post CFTC charges Mirror Trading International with alleged fraud of $1.7 billion worth of Bitcoin appeared first on CryptoSlate.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Open Trading Network (OTN) на Currencies.ru

$ 0.0064948 (+0.67%)
Объем 24H $0
Изменеия 24h: 1.44 %, 7d: 12.76 %
Cегодня L: $0.0064948 - H: $0.0064948
Капитализация $13.149k Rank 2181
Доступно / Всего 2.025m OTN / 100m OTN

trading cftc fraud international mirror worth bitcoin

trading cftc → Результатов: 126


Mirror Trading International to pay $1.7B in restitution to victims of Bitcoin investment scam

The U. S. Commodity Futures Trading Commission (CFTC) announced on Sept. 7 the outcome of a case against a South African company involved in crypto fraud. The CFTC said that a judge has entered a consent order against Mirror Trading International Proprietary Limited (MTI), finding the company liable for several types of fraud.

2023-9-8 04:20


LedgerX gets CFTC nod to clear derivatives products 'not directly connected to’ crypto

The U.S Commodity Futures Trading Commission (CFTC), which regulates virtual currency derivatives, today announced that it has approved cryptocurrency exchange LedgerX’s requests to remove the “diThe post LedgerX gets CFTC nod to clear derivatives products 'not directly connected to’ crypto appeared first on AMBCrypto.

2020-9-2 18:47


TD Ameritrade-backed ErisX Crypto Exchange Launches First Physically Settled Ether (ETH) Futures Contracts in the US

ErisX, the Chicago-based crypto derivatives exchange is officially the first to launch physically settled Ether (ETH) futures contracts within the U. S. The TD Ameritrade-backed firm announced on May 11th that it has pioneered these contracts under the regulation of Commodity Futures Trading Commission (CFTC).

2020-5-12 17:20


Former CFTC Regulator Launches Foundation to Digitize the Dollar

Crypto Dad may have left the CFTC, but he’s just getting started in the cryptocurrency industry in his new role with a non-profit, the Digital Dollar Project. Crypto Dad Is Back J. Christopher Giancarlo, former Chair of the Commodity Futures Trading Commission (CFTC) also known as “Crypto Dad” for his favorable stance toward the digital […] The post Former CFTC Regulator Launches Foundation to Digitize the Dollar appeared first on Crypto Briefing.

2020-1-16 19:08