• About Us
  • Contact Us
  • Privacy Policy
  • Terms & Conditions
Thursday, September 28, 2023
  • Login
  • Home
  • Crypto News
    • Bitcoin
    • Ethereum
    • Litecoin
    • Ripple
    • Altcoin
    • Stablecoin
    • Press Release
  • Blockchain
  • Business
  • Market Analysis
  • Live Price
  • ICO News
  • Regulation
  • Guide
  • Trading
No Result
View All Result
Crypto Reception
  • Home
  • Crypto News
    • Bitcoin
    • Ethereum
    • Litecoin
    • Ripple
    • Altcoin
    • Stablecoin
    • Press Release
  • Blockchain
  • Business
  • Market Analysis
  • Live Price
  • ICO News
  • Regulation
  • Guide
  • Trading
No Result
View All Result
Crypto Reception
No Result
View All Result
Home Bitcoin

US Regulator Charges South African MTI and Its Operator With $1.7 Billion Fraud Involving Bitcoin – Regulation Bitcoin News

July 2, 2022
in Bitcoin
Reading Time: 3 mins read
0
US Regulator Charges South African MTI and Its Operator in CFTC's Largest Bitcoin Fraud Case
Share on FacebookShare on TwitterShare on RedditShare on Whatsapp

Related articles

Bitcoin price prediction chart

Bitcoin Price Prediction As SEC Considers Franklin Templeton, Hashdex Spot ETF Proposals

September 28, 2023
bitcoin price btc crypto

Experts Predict BTC Price Rally If US Government Shutdown Begins

September 28, 2023


The U.S. Commodity Futures Trading Commission (CFTC) has charged Mirror Trading International (MTI) and its operator with a $1.7 billion fraud involving bitcoin. This action is the regulator’s largest fraud scheme case involving the cryptocurrency.

CFTC Takes Action Against MTI

The CFTC announced Thursday that it has charged a “South African pool operator and CEO with $1.7 billion fraud involving bitcoin.” The regulator added:

This action is CFTC’s largest fraud scheme case involving bitcoin.

The derivatives watchdog has filed a civil enforcement action, charging Cornelius Johannes Steynberg and Mirror Trading International Proprietary Ltd. (MTI) with “fraud and registration violations.”

From approximately May 18, 2018, through March 20 last year, “Steynberg, individually and as the controlling person of MTI, engaged in an international fraudulent multilevel marketing scheme … to solicit bitcoin from members of the public for participation in a commodity pool operated by MTI,” the CFTC detailed, elaborating:

During this period, Steynberg … accepted at least 29,421 bitcoin — with a value of over $1,733,838,372 at the end of the period.

The announcement adds that the CFTC “seeks full restitution to defrauded investors, disgorgement of ill-gotten gains, civil monetary penalties, permanent registration and trading bans, and a permanent injunction against future violations of the Commodity Exchange Act and CFTC Regulations.”

The derivatives watchdog described:

The defendants misappropriated, either directly or indirectly, all of the bitcoin they accepted from the pool participants.

The CFTC concluded: “Sternberg is a fugitive from South African law enforcement, but was recently detained in the Federative Republic of Brazil on an Interpol arrest warrant.”

What do you think about the CFTC’s action against MTI and its operator? Let us know in the comments section below.

Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.




Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

More Popular News

In Case You Missed It





Source link

Share1Tweet1ShareSend

Related Posts

Bitcoin price prediction chart

Bitcoin Price Prediction As SEC Considers Franklin Templeton, Hashdex Spot ETF Proposals

September 28, 2023
0

Bitcoin price is hovering above $26,000 as both bulls and bears exert their control amid a flurry of news...

bitcoin price btc crypto

Experts Predict BTC Price Rally If US Government Shutdown Begins

September 28, 2023
0

In the first quarter of 2023, the Bitcoin price had a stimulus for a much needed rally in the...

Bitcoin-ETF

Gary Gensler Testimony: When Spot Bitcoin ETF in US?

September 27, 2023
0

The ongoing hearing featuring the United States Congress’s House Financial Services Committee and Gary Gensler, the Chairman of the...

crypto mining Argentina

Just-In: Argentine Oil Giant Turns Gas Flares to Crypto Goldmine

September 27, 2023
0

Buenos Aires-based oil producer Tecpetrol has unveiled plans to mine cryptocurrencies using associated gas from its oil fields near...

XRP news ripple Gary Gensler hearing

Gary Gensler Will Repeat Lies On XRP In Hearing: Ripple Legal Chief

September 27, 2023
0

Ripple legal chief Stuart Alderoty predicted that U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler will continue to...

Load More
  • Trending
  • Comments
  • Latest
Cryptanalysis project Toon Finance Coin will bring larger returns than DOGE & SHIBA INU in 2023 | NewsBTC

Cryptanalysis project Toon Finance Coin will bring larger returns than DOGE & SHIBA INU in 2023 | NewsBTC

December 17, 2022
Crypto Academy CEO Granit Mustafa: blockchain will “redefine digital finance”

Crypto Academy CEO Granit Mustafa: blockchain will “redefine digital finance”

September 23, 2022
Crypto inflows

Exchange Inflows Ramp Up As Crypto Investors Clamor To Exit Market

June 14, 2022
Twitter Begins Massive Layoffs — Elon Musk Says 'No Choice' Citing $4M Loss per Day

Twitter Begins Mass Layoffs — Elon Musk Says ‘No Choice’ Citing $4M Loss per Day – Featured Bitcoin News

November 6, 2022
Ethereum Foundation Sells $30 Million Worth Of ETH As Price Nearly Breaks $2k

Insider Reveals That SEC Could Allow Ether Futures ETFs To Start Trading Next Week

0
Floyd Mayweather – Boxing Champion Promoted an ICO

Floyd Mayweather – Boxing Champion Promoted an ICO

0
Cannabis Industry Going Crypto | CryptoPost

Cannabis Industry Going Crypto | CryptoPost

0

Why South Korea Decided To Ban ICOs?

0
Ethereum Foundation Sells $30 Million Worth Of ETH As Price Nearly Breaks $2k

Insider Reveals That SEC Could Allow Ether Futures ETFs To Start Trading Next Week

September 28, 2023
Tottenham Hotspur to issue a Web3 fan token using Chiliz Blockchain

Tottenham Hotspur to issue a Web3 fan token using Chiliz Blockchain

September 28, 2023
EOS makes history as first “climate-positive” blockchain network

EOS makes history as first “climate-positive” blockchain network

September 28, 2023
Coinbase expands futures trading services globally

Coinbase expands futures trading services globally

September 28, 2023

Recommended

MEXC Pioneer sponsors Darwinia Crab Hackathon to Encourage Developers to Contribute to Future Web3 Applications | NewsBTC

MEXC Pioneer sponsors Darwinia Crab Hackathon to Encourage Developers to Contribute to Future Web3 Applications | NewsBTC

January 19, 2022
Bitcoin Price Breaking $25,000 After US CPI Release, Wall Street And Analysts Reveal

Bitcoin Price Breaking $25,000 After US CPI Release, Wall Street And Analysts Reveal

March 14, 2023
Boorio

Boorio Announces Its Launch, Social Media & Gaming Apps | NewsBTC

October 29, 2021
Bitcoin Mempool Overwhelmed With 134,000 Unconfirmed Transactions Amid Price Volatility

Bitcoin Mempool Overwhelmed With 134,000 Unconfirmed Transactions Amid Price Volatility – Blockchain Bitcoin News

April 26, 2023

Recent News

Ethereum Foundation Sells $30 Million Worth Of ETH As Price Nearly Breaks $2k

Insider Reveals That SEC Could Allow Ether Futures ETFs To Start Trading Next Week

September 28, 2023
Tottenham Hotspur to issue a Web3 fan token using Chiliz Blockchain

Tottenham Hotspur to issue a Web3 fan token using Chiliz Blockchain

September 28, 2023

Categories

  • Altcoin
  • Bitcoin
  • Blockchain
  • Business
  • Ethereum
  • Guide
  • ICO News
  • Litecoin
  • Market Analysis
  • Press Release
  • Regulation
  • Ripple
  • Stablecoin
  • Trading
  • About Us
  • Contact Us
  • Privacy Policy
  • Terms & Conditions

CryptoReception © 2021 All rights reserved

No Result
View All Result
  • Home
  • Crypto News
    • Bitcoin
    • Ethereum
    • Litecoin
    • Ripple
    • Altcoin
    • Stablecoin
    • Press Release
  • Blockchain
  • Business
  • Market Analysis
  • Live Price
  • ICO News
  • Regulation
  • Guide
  • Trading

CryptoReception © 2021 All rights reserved

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.