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In an unexpected turn of events, the management team at Mirror Trading International (MTI) is now suggesting that its CEO, Johann Steynberg, may have been scammed out. The team alleges that Steynberg, now believed to be in Brazil, has prevented key administrative personnel from accessing MTI’s account with a local bank. Furthermore, the administration now appears to confirm previous allegations that bitcoin withdrawal requests are not being honored despite having previously refuted this.
Investors BTC Status Unknown
Breaking disclosures from MTI management appear to support the findings of an investigation by the Financial Sector Conduct Authority (FSCA), South Africa’s financial services regulator. In its update on the MTI investigation, the FSCA said it discovered losses that were not previously reported, as well as bitcoins that cannot be accounted for. The FSCA says the investigation also found evidence suggesting that MTI’s broker Trade 300 is linked to Steynberg.
Interestingly, in a statement issued on behalf of management, there is a belief that Trade 300 “is potentially owned and operated by Johann Steynberg.” The statement also adds that “communication with this broker has been limited and not very communicative.
Meanwhile, in the seven-page “critical MTI statement,” the management team recounts the chain of events that followed the FSCA raid on the residences of top executives of the bitcoin trading company in late October. . The document begins by explaining the steps Steynberg allegedly took after the raid and how such measures were intended to safeguard investors’ bitcoins. The statement says:
Johann told us that when the FSCA took all the electronic devices, a security protocol was implemented with the broker to prevent all of our members’ bitcoins from being stolen, this included a limitation on withdrawals. This was communicated to all members at the insistence of the management.
Next, the MTI statement states that the CEO asked Clynton Marks, a member of the MTI management team, 400 BTC “to pay members who had made withdrawals, as the withdrawal limitation with the broker remained a obstacle”. The statement claims that Marks agreed and transferred the BTC to the CEO, but management “has no evidence that Johann contributed the stated amount.” Marks, who allegedly used his personal BTC, carried out three transfers between November 1-12.
The email
Later, on November 30, Steynberg “received” an email from an anonymous source warning him of an impending raid by the FSCA, again. In the email, the anonymous sender thanks Steynberg “for all that you do for humanity” before urging him to leave the country for his own safety. Using this email as justification, the CEO apparently left South Africa on or after December 2 and left his wife to handle his affairs in his absence.
Later, members of MTI’s management team, uncomfortable with the CEO’s agreement, threatened not to work with Steynberg unless he gave in to his demand to “appoint a suitable second manager who could run the system on his own. absence”. Still, Steynberg reportedly refused as he insisted that his wife “Nerina is his 2IC” and the MTI team apparently relented. However, as of December 15, Steynberg stopped communicating with MTI management.
Since discovering the “dire situation”, the MTI team claims that it has been trying to get BTC back from investors that is not accessible. A private investigator has since been hired to track down Steynberg and the team adds that he will work with law enforcement “until this
the matter is resolved. “
What do you think of these new revelations from MTI? Let us know what you think in the comment section below.
Image credits: Shutterstock, Pixabay, Wiki Commons
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