United States lays charges against South African man over R28 billion Bitcoin scam | MyBroadbandmybroadband.co.za/news/cryptocurrency/450934-united-states-lays-charges-against-south-african-man-over-r28-billion-bitcoin-scam.htm
101 sats \ 2 comments \ @KenyaCoin 30 Jun 2022 bitcoin
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0 sats \ 1 reply \ @KenyaCoin OP 30 Jun 2022
“This action is the largest fraudulent scheme involving Bitcoin charged in any CFTC case,” the regulator stated.
MTI was a Bitcoin-based network marketing scam that began in South Africa and drew in members worldwide.
It promised to grow members’ Bitcoin with yields averaging 10% per month.
At its height, MTI claimed to have over 160,000 members.
Sources with knowledge of MTI’s liquidation have told MyBroadband that over 46,000 bitcoin flowed through the scheme.
According to the CFTC’s complaint, MTI and Steynberg as its principal agent accepted at least 29,421 Bitcoin from at least 23,000 individuals from the United States.
Steynberg was arrested in Brazil on 29 December 2021 — almost exactly a year after he first went missing.
He is currently detained in Brazil and awaiting an extradition hearing.
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0 sats \ 0 replies \ @KenyaCoin OP 30 Jun 2022
Here is the press release from the U.S. CFTC:
CFTC Charges South African Pool Operator and CEO with $1.7 Billion Fraud Involving Bitcoin https://www.cftc.gov/PressRoom/PressReleases/8549-22
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