Mirror Trading International: Criminal Case Has been Opened!

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Welcome to another breaking news, this time about Mirror Trading International also known as MTI.

What is Mirror Trading International

Mirror Trading International

Mirror Trading International (MTI) is a cryptocurrency investment platform specifically working with bitcoin.

While back in October, I released an update in regards to Mirror Trading International got raided by FSCA.

And not just too long, I found out they have been added to the list of investors warning in Canada. Which consequently make their operation illegal.

FSCA On-Going Investigation On MTI

The total frozen crypto assets on FXChoice is a negligible amount, taking into
account the total assets that MTI claimed it invested on behalf of its clients. FXChoice
confirmed that MTI put in 1846.72 Bitcoin from 29 January 2020 until 3 June 2020 and
made a loss of 566.68 Bitcoin, an approximate capital loss of 30%.

Link Here (FSCA)

This is a huge lost in capital. However this is not the only one.

Prior to this, MTI has a loss of almost 80% during a period of time of its operation in 2019.

Because of that they asked all their client to unlink their accounts.

MTI first started trading in April 2019. Members of the public were invited to register on the
MTI website (www.mirrortradinginternational.co.za and www.mymticlub.com) and move
their Bitcoin from their Bitcoin wallet to MTI Bitcoin wallets. Steynberg was in full control of
these MTI Bitcoin wallets. From the MTI Bitcoin wallet, the Bitcoin were transferred to MTI’s
forex platform “broker of choice” by the name of FXChoice Ltd (“FXChoice”).
Steynberg testified under oath, that from April 2019 to July 2019, member trading accounts
were linked to a professional trader appointed by MTI through a multi account manager
arrangement linked to Meta Trader 4. Trading was conducted in derivative instruments
based on forex pairs.
Transitional Management Committee:
OB Makhubela (Commissioner) DP Tshidi JA Boyd MM du Toit LP Kekana K Gibson
However, according to Steynberg MTI experienced substantial losses (of up to 80%), and
as a result, MTI requested its members to delink their respective FXChoice accounts from
the multi account manager account and move their bitcoin to a pooled account.
As a result, from August 2019 Steynberg claimed that MTI employed a bot (high frequency
artificial intelligence trading) together with a head trader and trading team to make all its
trading decisions, with great success. The Authority found evidence contradicting this

Link Here (FSCA)

Now this is already very bad. However it is not as bad as lying and faking transaction statements to your client.

Seems like some of the investors has reached out to FXChoice asking to see their statement and comparing their statement to the ones they got from FXChoice, and they were completely different.

The FSCA obtained evidence from FXChoice, a Belize registered on-line trading platform, that is in complete contradiction with the claims of Steynberg and Marks. According to FXChoice they received queries from clients of MTI and in the process the clients provided FXChoice with trading statements. The source of the trading statements was MTI. These trading statements were based on demo trading accounts and not actual trades. As a result, FXChoice froze the balance of the crypto assets linked to MTI on the FXChoice platform.

Link Here (FSCA)

Now after all of these, MTI seems to pull out all the FXChoice bitcoins and put them in another platform called Trade300.

FSCA wasn’t able to find who is behind Trade300 at the beginning, however after they searched Steynberg computer they found evidence of him being the owner of Trade300.

The FSCA attempted to track down Trade300 to obtain a statement and trading details from it, to verify the version of MTI. MTI did not provide any useful details that assisted the FSCA.

The FSCA followed all possible links on the internet to establish whether Trade300 existed. It could only find one reference to Trade300; i.e. the website of Trade300. However, the website was and still is “under maintenance”, and the only reference linked to the website is the name of “Joe Steyn”, a known alias of Steynberg.

The FSCA obtained search and seizure warrants and executed them at the homes of Steynberg and Marks, and the offices of MTI. On the desktop computer of Steynberg the investigation team found evidence relating to Trade300. It would therefore appear that Trade 300 is linked to Steynberg.

Link Here (FSCA)

In addition, seems like currently people have problems withdrawing from their accounts, which is not a news to me, I was expecting that.

Once again, as I have always said, any company or platform that works in a financial service and offers securities or passive income, needs have registration with the appropriate authorities within the jurisdiction they operates in.

Not being registered, simply means they are operating illegally and your money is not safe with them.

I have pointed this out before, and this is not news to me.

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