• Liquidators of the now defunct bitcoin trading platform, Mirror Trading International have so far used approximately $4.2 million on expenses such as lawyers‘ or consultants‘ fees.
• Between Jan. 23, 2023, and the date of their appointment, liquidators claimed to have recovered approximately $770,000 which belonged to MTI.
• According to a Mybroadband report, a total of approximately $6.1 million has so far been disbursed while a further $7.3 million is earmarked for liquidators‘ fees.

Liquidators Spend Over $6 Million on Lawyers and Investigators

Liquidators of the now defunct bitcoin trading platform, Mirror Trading International (MTI) have so far used approximately $4.2 million on expenses such as lawyers‘ or consultants‘ fees since their appointment in January 2021. Between Jan. 23, 2023, and the date of their appointment, liquidators claimed to have recovered approximately $770,000 which belonged to MTI.

Liquidator Fees

According to a Mybroadband report, a total of approximately $6.1 million has so far been disbursed while a further $7.3 million is earmarked for liquidators‘ fees in connection with the collapsed bitcoin Ponzi scheme Mirror Trading International (MTI). In April 2021, it was reported that more than $70 million was raised from selling 1,281 bitcoins belonging to MTI; later that month another report said more than 8,000 BTC belonging to MTI had been „traced“ and that investigators were on track to finding more assets attributed to MTI’s masterminds who fraudulently acquired over half a billion dollars worth of funds from investors worldwide in 2020 alone – according to blockchain intelligence firm Chainalysis – making it one of the biggest crypto scams ever seen in history according to Bitcoin News .

Recoveries

Between Jan 23rd-the day they took control of MTI assets-liquidators have so far recovered around $770k however they are expecting an „exponential increase“ in recoveries from net winners though less certain about growth rate for expenditure incurred for legal/consulting services related thereto .

FATF Grey List Designation

In other news related African crypto policy , Kenya’s Senate is ready engage Central Bank & discuss issues related FATF ‘Grey List’ designation after recently adding South Africa its list countries facing money laundering threats . This follows Ceffu ( formerly Binance Custody ) announcement that it will be custodian Flynt Fin’s digital asset portfolio moving forward this year

Conclusion

The financial implications surrounding the collapse of Mirror Trading International remains substantial with significant liquidity still waiting be returned investors across globe while crypto policy discussions are beginning take shape Kenya & South Africa amongst others