Mirror Trading International (MTI)
A South Africa-based operation that accepted only Bitcoin for a 'commodity pool' it claimed a bot traded. The CFTC called it the largest Bitcoin fraud it has charged — at least 29,421 BTC (~$1.7B) from 23,000+ people.
Also known as: MTI, Mirror Trading International
Summary
Mirror Trading International (MTI) accepted only Bitcoin for a global "commodity pool" it claimed was traded by a proprietary bot. The CFTC called it "the largest fraudulent scheme involving Bitcoin charged in any CFTC case". [1][2]
Scale
Per the CFTC, from about May 2018 to March 2021 MTI accepted at least 29,421 BTC — valued over $1.7 billion — from at least 23,000 people in the U.S. and more worldwide, and the defendants misappropriated all of it. [1][2] South African courts declared MTI a pyramid and Ponzi-type scheme. [3]
People
A U.S. court ordered founder Johann Steynberg to pay over $1.7 billion in restitution and a matching civil penalty. He was detained in Brazil and reported to have died in 2024. [1][3]
Bracketed numbers refer to the numbered sources listed below.
Linked scams & cases
People & entities involved
Sources (3)
See also
- Loci (LOCIcoin)TokensA 2017–2018 ICO for 'LOCIcoin' tied to the InnVenn IP-search platform. The SEC charged Loci and CEO John Wise with fraud for raising $7.6M on false claims about revenue, headcount, and user base; Wise also misused investor funds. Settled with a $7.6M penalty and an officer/director bar.
- Blockchain Terminal (BCT)TokensA 2017–2018 ICO (BCT tokens, ~$30M) for a 'Blockchain Terminal' — a Bloomberg-style crypto trading terminal. The SEC and DOJ said convicted ex-hedge-funder Boaz Manor secretly ran it under a fake identity ('Shaun MacDonald'), using associate Edith Pardo as a front, and lied about the product's adoption.
- Crowd Machine (CMCT)Tokens
This page was last updated on Jun 8, 2026. View revision history.