The Cape Town High Court has granted a declaratory order stipulating how liquidators in the Mirror Trading International case must treat bitcoin, and which members to recover money from.
Class 2 investors must subtract their returns from their initial investments to determine their clams.Similarly, returns are calculated based on the date funds were withdrawn from the scheme.The liquidators also still have a claim against these investors, even though their claims have been reduced by the amount they withdrew.
Class 3 investors will initially have no claim, and liquidators may go after them to recover profits. Once the liquidators have recovered funds from these investors, they will have an opportunity to prove a claim in the estate “arising from the Company being revested with their initial investment into the Scheme, but not in respect of profit”.