Beware, MTI members

Bradley Prior

Bradley Prior

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Beware, MTI members

When Justice Rogers handed down the provisional liquidation order on Mirror Trading International (MTI), it was mainly because of the work of Vaughn Victor.
 
Jan said:
While the hot takes are funny, the article is about the liquidation. Apparently the situation could easily spiral into another "Krion scenario" if the members don't nominate a liquidator that has their best interests at heart.
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Unless the actual stolen BTC is recovered I can't see how anything useful comes from liquidating the assets of people involved. Even if they had 2 mansions and a lambo each, that's not gonna make a dent in returning the amount of money they made away with.

Nothing I've seen so far indicates there's anything to liquidate that's gonna be able to help anyone out of the hole MTI left them in. Recovering the BTC is the only way. So I'm skeptical even of the value of a liquidator here. But yes - I take your point about the shark-like behavior of some liquidators.
 
How does it work with the stolen bitcoin in even the most perfect situation: MTI management confess and hand over the BTC wallet & keys.

Does that immediately get handed over to the liquidators, or does some other party manage that chunk of money and the liquidators get some fixed % which they then use to recoup their fees and distribute the rest to those MTI members who've lodged claims with them?
 
Eric said:
If they can attach assets of the top management and the shills, that would be a win. People will hopefully learn and not do in future. That's a win in my books.
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It's a win in the sense that management take a hard hit. Of course. They deserve punishment. But I think anyone expecting to get their money back from the liquidators is getting their hopes up.
 
susefan said:
Do MTI members really care? They knew the risk they were taking, warnings were all over. I am sure they only invested what they could afford to lose.
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Yeah, and gamblers only ever wager what they can afford to lose... :X3:
 
So how does this work for the ?half? of "investors" located overseas? What rights and/or obligations do they have to work with any SA-appointed liquidator? What a massive ball-ache
 
Not a nice few years waiting for MTI investors...
 
susefan said:
Do MTI members really care? They knew the risk they were taking, warnings were all over. I am sure they only invested what they could afford to lose.
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The point of the article is that MTI members could be on the hook to repay any returns that they have received, which means they could potentially have to pay back more than they originally invested. If I were an MTI member I'd be very concerned.
 
saor said:
How does it work with the stolen bitcoin in even the most perfect situation: MTI management confess and hand over the BTC wallet & keys.

Does that immediately get handed over to the liquidators, or does some other party manage that chunk of money and the liquidators get some fixed % which they then use to recoup their fees and distribute the rest to those MTI members who've lodged claims with them?
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This is assuming that they actually bought bitcoins with all the investment money they got. Some of the 'real money' they received by investors could have been funneled somewhere else, for when eventually the house of cards came tumbling down.
 
Okty said:
This is assuming that they actually bought bitcoins with all the investment money they got. Some of the 'real money' they received by investors could have been funneled somewhere else, for when eventually the house of cards came tumbling down.
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They didn't receive any real money, all deposits were made in BTC
 
My understanding is that if you put your name in the hat as a creditor and there are no funds found/available, the creditors then have to cover the costs of the liquidator............

Edit: or should I rather use the term applicant as I assume if you put in a claim as a creditor you become an applicant?
 
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