The liquidators of the now-defunct bitcoin trading platform, Mirror Trading International, have so far used approximately $4.2 million in expenses such as attorney or consultant fees. Between January 23, 2023, and the date of their appointment, the liquidators claimed to have recovered approximately $770,000 belonging to MTI.
Liquidators Fees
The liquidators of the collapsed bitcoin Ponzi scheme Mirror Trading International (MTI) have so far spent roughly $4.9 million (90.2 million rand) on lawyers and consultants since taking over, according to a report. According to a Mybroadband reportA total of approximately $6.1 million has been disbursed thus far, with another $7.3 million earmarked for adjusters’ fees.
In April 2021, a Bitcoin.com News report said that more than $70 million was raised from the sale of 1,281 bitcoins belonging to MTI. A few months later, another report said that more than 8,000 BTC belonging to MTI had been “traced” and that investigators were on their way to find more.
However, according to the report, between January 23 and the day they took control of MTI’s assets, the liquidators have so far recovered around $770,000. While adjusters are said to expect an “exponential increase in the amount recovered from so-called net winners”, they are less sure about the growth rate of their expenses.
According to blockchain intelligence firm, Chainalysis, MTI was the biggest crypto scam in 2020 netting over $500 million for the masterminds of the scheme.
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