Crypto Updates

CFTC Takes Action against MTI: Imposes $1.7B Fine

Crypto hacking

In a landmark ruling, the Commodities Futures Trading
Commission (CFTC) has secured a staggering USD $1.7 billion in restitution from
Mirror Trading International. The South African company was allegedly involved
in a massive Forex fraud scheme.

The legal matter
involves a complaint filed by CFTC on June 30, 2022, which highlighted
fraudulent activities, including deceiving retail investors through Forex
transactions, violating registration requirements, and flaunting regulations
governing commodity pool operators (CPOs).

According to CFTC , MTI’s
founder and CEO, Cornelius Johannes Steynberg, played a central role in
orchestrating this elaborate scam. Steynberg, acting both individually and as
MTI’s controlling figure, allegedly solicited Bitcoin from unsuspecting individuals. He allegedly
enticed them to participate in an unregistered commodity pool supposedly
operated by MTI.

“This settlement
with MTI and default judgment against Steynberg represented the latest stage in
our battle against fraudsters who victimized over 23,000 individuals from the
US,” said the Director of Enforcement Ian McGinley.

“Here, the
fraudsters made the most modern of promises, claiming their advanced
intelligence software with Bitcoin as the base currency would…

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