•Mirror Trading International (MTI) liquidators have spent around $4.2 million on lawyers and consultants since assuming control.
•A total of approximately $6.1 million has been disbursed and a further $7.3 million is earmarked for liquidators‘ fees.
•Between Jan. 23, 2023, and the date of their appointment, liquidators have recovered approximately $770,000 that belonged to MTI.
Overview of Mirror Trading International’s Collapse
Mirror Trading International (MTI) was once a popular bitcoin trading platform that unfortunately collapsed in 2021 after it was revealed to be a Ponzi scheme that had netted more than $500 million for its masterminds according to blockchain intelligence firm Chainalysis.
Liquidator’s Expenses
Since assuming control of MTI assets, the liquidators have so far spent approximately $4.9 million (90.2 million rands) on lawyers and consultants with an additional total of approximately $6.1 million being disbursed while a further $7.3 million is earmarked for liquidators‘ fees alone. In April 2021, a Bitcoin News report stated that over 1,281 bitcoins belonging to MTI had been sold which raised more than $70 million but investigators are still looking for 8,000 BTC which were associated with MTI as well as any other funds which may have been taken from investors before the collapse of the platform was made public knowledge..
Recovery Efforts
Between Jan 23rd 2023 when the liquidation process began through to the day they took control of MTI assets, liquidators have managed to recover around 770 thousand dollars worth of funds which belonged to MTI victims however there is no indication as to when or if any more will be recovered due to the complexity associated with tracing cryptocurrency transactions as well as identifying users who took part in the scheme prior to its collapse in 2021.
Kenyan Senate Ready To Engage Central Bank On Crypto Policy
In addition to this news regarding Mirror Trading International’s collapse, it has also recently been reported by Crypto News Flash that Kenyan senate members are ready engage with their Central Bank regarding crypto policy while South Africa has recently been added into FATF’s grey list despite having designated cryptocurrencies such Bitcoin as a financial product earlier in 2021 despite its volatility issues based on current market conditions at present time..
Conclusion
It appears that both African countries are taking steps towards regulating digital currencies within their respective jurisdictions although it seems unlikely that this would draw new investors into crypto markets due mainly to people’s lack of trust after stories such as those involving Mirror Trading International surfaced last year.,