This affiliate regularly posted updates purporting to show how much money they were making, as well as testimonials where the people they had recruited thanked them for their newfound financial freedom:
Like many other crypto investment scams, affiliates were encouraged to share videos claiming that AI-powered training was part of the secret to their success:
South African court order highlights problem: greed
Although the terms of the South African court order against MTI may seem shameful to victims, greed is truly one of the factors involved in many of these crypto investment scams.
“People all over the world, and South Africans are no exception, are spellbound and fascinated by any idea or project promising, in most cases, instant wealth, new houses, new cars, vacations at home. ‘abundance of money. Another attraction of these programs is the perception that the money will continue to flow in with little or no effort on the part of the participants, the hardest part being counting the money.
The conclusion of this case summarized their findings as follows:
(137) MTI’s activities clearly amounted to an illegal Ponzi scheme, i.e. a fraudulent investment scam promising high rates of return to investors and generating returns for previous investors through to investments withdrawn from subsequent investors.
(138) It seems that there is no member bitcoin pool, Trade 300 does not exist, the artificial intelligence robot never existed or negotiated and the remarkable business results presented to investors were At first glance FAKE.
(ordered by A De Wet, Deputy High Court Judge)
What? AI Magic Bitcoin Genie is not real? I’m shocked!
Scammers or victims: why not both?
Unfortunately, many of the people involved in this scam are innocent victims, while others have created fake Facebook accounts in order to trick others into signing up. As long as they recruited others, they had a good chance of making money, until the whole system collapsed. It took about five minutes to find fifty affiliates with a simple Facebook search:
So, will everyone get their money back? Highly unlikely.
Steynberg arrested in Brazil
Mr. Steynberg was arrested in 2022 by Brazilian military police in the state of Goias:
Assurances from MTI CEO Steynberg: I am not a Ponzi scheme!
When Mirror Trading was first accused of being a Ponzi scheme by the Texas Securities Commission, their CEO responded to questions using a form letter like this one, shared by Global Crypto in a story titled “MTI announces it is working with the FSCA“:
Dear Kratika,
Unfortunately, I only received your email this morning, Tuesday July 14, 2020.
As I have stated in writing to the Texas Commissioner, I wish to state at the outset that Mirror Trading International (Pty) Ltd (hereinafter referred to as “MTI”), a private company registered in the Republic of South Africa, Il This is not a Ponzi scheme (new money feeds old money) nor a scam where a fund holder suddenly disappears.
It is also very unfortunate that because MTI operates in the online passive income generation business, which has a notorious and proven reputation for scams and Ponzi schemes, and, due to the nature and modus operandi of MTI’s strong SEO-based business model, , that MTI is automatically the default behavior of the media and some regulators, and perhaps the behavior of some members, is perceived by the associative conclusion that MTI is just another one of these.
This unfortunate and misinformed perception is far from the reality of what MTI is as a newly created (15 months old) and highly innovative SEO brand and business that the founders would like to see grow over many years to become a global, iconic and heritage brand in the trade sector.
For example, Texas commissions state that… The real value of commissions depends on their success in recruiting new investors and multi-level marketers. …While this may apply to Ponzi schemes, it is not correct for MTI.
Daily trading returns made by top regulated brokers determine the amount of rewards, which may vary and if there is a negative trading day there are no rewards. The fact is that with MTI, funding for MTI referral payments comes from daily trading profits and not new member funds.
Another important point that differentiates MTI from Ponzi and scams is that members have full control over their funds (Bitcoin) at all times. Members can add or withdraw their funds (Bitcoin) at any time, without complications and without fees. If you do some research, you will find that none of the 75,000+ MTI members worldwide have ever complained or been unable to withdraw their BTC every time they chose it.
The aim of MTI and its innovative and unique SEO-based business model and trading modus operandi in global markets is to generate real growth and returns on a daily basis, working and cooperating with regulators at all respects, taking MTI on a path that will see MTI fully and properly regulated.
There are three reasons for this.
1. My founding vision for MTI: Building an iconic and heritage global brand of choice in the financial services sector that ensures sustainable growth and value creation for all stakeholders, including the common man:
2. Professional and compliant: Ensuring that MTI is a professionally managed, regulatory compliant business and brand that delivers sustainable growth and value creation for all stakeholders. My team and I are committed to this.
3. Changing the Reputation of the Online Passive Income Generating Industry: We and I are extremely tired of the negative and dark reputation of this industry. And yes, around 99.9% of online passive income creation services are scams and/or Ponzi schemes. I am personally very motivated to help change this perception once and for all, by showing and demonstrating to regulators, the media and consumers that such a business model can, on a Bona Fida basis, exist, operate successfully and thrive. develop an organic and sustainable basis, which is what MTI does.
To this end, MTI will, in the coming period, place great importance on engagement and collaboration with any regulator who has a clear objective at all times; be fully compliant as a professionally managed business and brand that delivers sustainable growth and value creation to its stakeholders, and intends to exist for many years to come.
MTI is already in discussions with the South Africa Financial Services Conduct Authority (FSCA) and will meet with the FSCA within a week. MTI is also fully committed to cooperating with the Texas State Securities Board and is in correspondence with them regarding this matter.
We hope the above gives you some insight into MTI.
If you would like to correspond further, please use my private email address: (REDACTED)
Sincerely yours,
Johann Steynberg
General manager
Mirror Trading International (Pty) Ltd
South Africa