Claims in opposition to Mirror Buying and selling Worldwide (MTI) have reached over $84.5 million (ZAR1.6 billion), with greater than 8,000 confirmed collectors as of the top of April. The MTI property nonetheless holds round $33.7 million in its accounts. Authorized motion is underway in a number of nations to get better withdrawals made by those that profited from the scheme. MTI was the biggest pyramid scheme ever operated in South Africa. Launched in 2019, MTI promised common month-to-month returns of 10% and allowed members to earn bonuses by recruiting others.
In April 2023, the Western Cape Excessive Court docket declared MTI a pyramid and Ponzi-type scheme. MTI attracted scammers and victims worldwide, with withdrawals documented in numerous nations. Liquidators are reportedly pursuing those that withdrew bitcoin from the scheme, issuing summonses and letters of demand.
