As Founders Deny the Allegations, there is Leaked Data that Outs Bitcoin Investment Company as Scam

What Is MTI? What Is Anonymous ZA? 

Publishing fresh information that seemingly supports long-standing allegations that Mirror Trading International, MTI, an ostensible bitcoin investment company is running a multi-level marketing scam is a South African group calling itself Anonymous ZA. Showing that the investment company is entirely structured around a tree/pyramid scheme is the new information that was reportedly obtained after a breach of MTI internal systems. 

The leaked data suggests that MTI has a practice of distinguishing between normal members and founder members according to a report. 

Anonymous ZA says it appears as deposits made by founder members are not easily traceable yet they seemingly get better ROI than the regular members assessing the data. The founder members are also on the top of the pyramid scheme earning more money from their binary bonuses than ROI or any other source as the data also shows. 

The report quoting Anonymous ZA says that perhaps in revelation lending credence to allegation often levelled against MTI as:

Payouts of $ 86.25 million (8,171.6 BTC) to normal members, along with $21.4 million (2,036.5 BTC) in the form of bonuses for referring new members was shown by the database. Amounting to $18.45 million (1,744 BTC) was payouts to foundling members 

It fails to provide the number of founding members as the report confirms that members are paid to recruit new members. 

As it operated in the state of Texas without a license, earlier in July, the Texas State Securities Board (TSSB), accused MTI of running a multi-level marketing scam as well. Against MTI and some of its employees, the TSSB subsequently issued a cease and desist order. Issuing its own public statement which repeats allegations made by the TSSB, was the South African regulator, the Financial Sector Conduct Authority (FSCA). By asking investors to withdraw their funds from MTI, the FSCA statement goes further. 

Reports On MTI 

Unless MTI can display or prove control of a Bitcoin wallet or another storage facility to the value 17k BTC, as it stands by its view that MTI comes as a Ponzi scheme, as Anonymous ZA closes its statements.

Following the latest revelations, the MTI management moved to confirm the breach in a fiery response, as one of MTI’s founding members and spokesperson Cheri Marks suggested a criminal offense that was committed by those behind the breach that occurred on September 18. 

Against the perpetrators as well as those publishing stories based the illegally obtained information, Marks then goes onto threaten legal action as he says 

There was a security breach of the administration portal and it was surely a criminal act. Everyone publishing the personal information illegally obtained will refer to the legal counsel as they will be pressing charges. 

What Do Founders Of MTI Have To Say? 

Claiming that in August over 34,000 withdrawals were effected to the tune of 5,933 bitcoin without so much as a hiccup as Marks attacks assumptions that MTI had stopped trading. 

Marks challenges the media to name a single disgruntled investor out of those 170,000 that are growing their bitcoin with MTI throughout the rant. 

With concerns that founders are possibly getting larger pay-outs than the rest of the investors, Marks fails to adequately deal. As founder Marks instead chooses to boast about her status saying:

Nothing new is the fact that MTI has founder members. The truth is that with an extra profit share for them, it doesn’t affect the company or the members in any way as also nor is it a state secret. 

Marks complains of media bias and the intention to slander not to provide a decent and informed view of MTI its founders, shareholders, or members throughout the seventeen-minute video. 

Failing to provide a satisfactory answer to why the regulator still went ahead and asked investors to withdraw funds even after the MTI CEO opened their live trading account and BTC balance for the FSCA to see, Marks also briefly discusses MTI’s interactions with FSCA. 

The Concluding Thoughts

The investment company decided to invest in bitcoin only surprisingly just after the encounter with FSCA. The move was intended to remove MTI from the tutelage of regulators as critics argue. It is looking into it as reports say the FSCA has been made aware of the data leak. 

As long as bitcoin matters it is surely a fact that Marks will bring MTI to the forefront. Without much effort, they are sure to do away with any of the suspicions brought forward by the investors regarding the reports of Anonymous ZA.