In a significant development, the liquidators overseeing the Mirror Trading International (MTI) bitcoin investment scam in South Africa are gearing up to initiate the refund process for the victims. The plan, however, hinges on a court directive guiding the liquidators on how to handle the numerous claims pouring in, as reported recently.
Herman Bester, co-director at Tygerberg Trustees and a key figure in the liquidation process, stated that they are seeking legal clarification on how to handle the deposits received from investors in the form of BTC. While Bester did not confirm specifics, it is rumored that the reimbursement plan might see the so-called net losers receiving between 50% and 60% of their initial investments. This financial relief is made possible by the sale of around 7,000 BTC, the remaining coins from the 39,000 BTC initially deposited into the fraudulent scheme, according to the liquidators.
To streamline the reimbursement process, the liquidators are actively engaged in identifying genuine individual investors eligible for the refund. Bester highlighted their progress, stating, “Our forensic experts, following an exhaustive clustering process, have calculated the expected number of potential claims.” This meticulous approach aims to ensure that genuine victims are compensated fairly.
However, not all victims are expected to file claims, especially those suspected of involvement in illicit activities like money laundering. The liquidators are diligently sifting through the claims, discerning genuine cases from dubious ones.
Regarding the timeline for the reimbursement, the liquidators anticipate multiple payments as they continue collecting funds from individuals who profited from the scam. Bester revealed their outlook, stating, “We expect this process to continue for at least another 2-3 years as we collect repayments from winners.”
The victims of the MTI scam are now on the brink of potential financial relief, pending the court’s guidance. As the legal process unfolds, the liquidators remain committed to ensuring a fair and just distribution of the recovered funds, offering hope to those affected by this unfortunate incident.