Court summons Mirror Trading execs over alleged bitcoin investment scam

A high court has summoned two executives of Mirror Trading International (MTI) following a civil lawsuit filed by 18 plaintiffs seeking compensation from them.

Clynton Marks, Cheri Marks, and Andrew Caw were all issued summons in connection to a Bitcoin (BTC) investment scam known as BTC Global.

The victims of the scam filed a lawsuit, demanding that they be compensated by the amount of R2.5 million or roughly $174,662, plus 7% annual interest from their losses to BTC Global Scam. They are also asking for “further and alternative relief” and compensation too for their expenses in taking the legal actions.

The scam origins

Court documents related to the case indicate that between September 2017 and March 2018, the defendants facilitated business under the names and style of BTC Global or BTC, allowing clients to invest in a trading pool managed by a master trader known to the plaintiffs as Steven Twain.

According to reports, Twain disappeared in early 2018, with the disappearance triggering the collapse of BTC Global. More than 27,000 people from South Africa, the United States, and Australia fell victims to the fraud.

The existence of Steven Twain was questionable as there was no proof of it, and when investors questioned why they couldn’t withdraw their funds, they were told that the trader was attacked at his house and his equipment was taken.

A larger scam at play

Mirror Trading International is cited by the data analytics firm Chainalysis as the biggest cryptocurrency scam of 2020. Clynton Marks and Cheri Marks were said to be involved in this bigger investment scam. Andrew Caw was also implicated and called to defend himself.

Caw denied the allegations saying he was only an investor of BTC Global and lost a considerable sum of money, while Marks have denied owning and controlling the bogus scheme.

The Marks said that Steven Twain was a real person and have denied the claims that Cheri was the master trader in question.

 

Image courtesy of Mirror Trading International/YouTube 

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