Bitcoin Scam in South Africa; MTI trading Platform CEO Mr. Steynberg on the run, blocked all communications.

Bitcoin.

Scam simply means to deceive and defraud someone. Just as a certain popular Ponzi Scheme back then in Nigeria called MMM crashed, calamity has befallen several investors in South African online Bitcoin trading Platform Mirrow Trading International (MTI).

The supposed CEO Mr. Johann Steynberg may have scammed all investors including the top management team. The team alleges that Steynberg, now believed to be in Brazil, has locked out key management staff from accessing MTI’s account with a local bank and now at large.

Earlier, an investigation by the Financial Sector Conduct Authority (FSCA), a South African based financial services regulator was carried out to make an inquisition on the activities of MTI.

The FSCA in its finding said it uncovered 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 Mr. Steynberg.

However in a bid to clearing their names, the top management staffs Mr. Steynberg left behind has chronicled events as they unfolded after the raid by FSCA.

They said, “Johann told us that when the FSCA took all the electronic devices, a security protocol was put in place with the broker to avoid all our member bitcoin being stolen, this included a limitation of withdrawals. This was communicated to all members on managements’ insistence.

However in a published email sent by one anonymous to Mr.Steynberg the emailer urged him to flee the country for the sake of his own life. Meanwhile the investigation is still ongoing to uncover the mystery and way about of the owner a bid to recover some of now inaccessible Bitcoin wallets.

What you must know.

Trust is very difficult to find in many organisations today. In the cryptocurrency world, it’s also one of the most essential things to look out for. The whole idea of cryptocurrency and its attractiveness is it being decentralised and non-custodial as not being controlled by anyone, but you. However, using systems where you give somebody your funds defeats this purpose. And if you must do this, very carefully do your due diligence and get all the facts before you commit your hard earned fund to someone else to manage for you to avoid similar scenario as this.

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Published by Iykeman

Iykeman Online is a one Stop Blog. We are for education, enlightenment, and advice on all ranges of issue. We also carry contemporary National, Regional and Global trends. We are for media and celebrity news and sports.

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