A Forex Broker Transfers 1,200 BTC Belonging to the Mirror Trading International to a South African Liquidator

According to new information from South Africa, a total of 1 200 bitcoins from defunct Mirror Trading International (MTI) were recently transferred by FX Choice to an appointed trustee. The reports added that the transfer had been approved by the Financial Sector Conduct Authority (FSCA), the country’s financial sector regulator.

Acknowledgement of transmission

According to a South African media review, there are 1,200 BTC in MTI’s FX Choice account as of June 2020. Similarly, Bitcoin.com News reported in August 2020 that FX Choice suspended an MTI account after an investigation into the bitcoin exchange company uncovered compliance issues. And now, in a new statement issued on 29. March 2021 is out, a spokesperson for FX Choice confirmed the transfer. A spokeswoman said:

The FSCA approved the transfer of the frozen MTI funds to FXChoice’s designated liquidators. We confirm that the transfer has been completed and consider the matter closed.

Minor restoration

In a statement from FX Choice confirming the transfer, a representative from the brokerage did not disclose the actual number of bitcoins sent to the recipient. Instead, it was Brandon Topham, the FSCA’s head of investigation and enforcement, who reveals in the podcast that 1,200 bitcoins were in fact sent to the liquidators. Topham also explained that the bitcoins were transferred directly to the liquidators.

After MTI collapsed in late December 2020, two disgruntled investors immediately turned to a South African court after failing to get their bitcoins (BTC) back. The court ruled in their favor and a liquidator was appointed to oversee the bitcoin mining process. However, this refund of 1,200 bitcoin is only a small part of the more than half a billion dollars imposed by MTI in what has been called the biggest bitcoin scam of 2020.

Do you think an MTI liquidator will also return bitcoins from another brokerage? You can share your thoughts below in the comments section.

Tags in this story

Account freeze, bitcoin recovery, bitcoin, financial services, FSCA, FX Choice, investors, Mirror Trading International (MTI), MTI liquidator, regulator, bitcoins south africa

Photo credit: Shutterstock, Pixabay, Wiki Commons

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