One of the driving forces behind Mirror Trading International , Clynton Marks, has failed in his attempt to remove the liquidators of the collapsed bitcoin Ponzi scheme in the Western Cape High Court.
The liquidators say the R135.5 million “loan” did not belong to Marks and was merely round-tripped bitcoin that he had misappropriated from investors. MTI claimed to make returns of 10% a month using a forex trading bot, which the Financial Sector Conduct Authority investigated and found did not exist.
This is clearly a typo. In an earlier court filing the liquidators state that Marks deposited 22 BTC and withdrew about 220, valued at R75 million at the time of MTI’s liquidation. ADVERTISEMENT CONTINUE READING BELOW Marks is claimed to have introduced just 16 investors to the scheme, yet he was found to have had more than 71 000 investors under his pyramid “downline”, which liquidators found “alarming, to say the least”.