Mirror Trading International exposed: #MTILeaks reveal trading dataIn another twist, the South African Bitcoin trading company under investigation by the Financial Services Conduct Authority (FSCA) and on the radar of other international financial regulatory entities has had its entire transaction history exposed on the dark web. Mirror Trading International (MTI) is a South African Bitcoin trading company, which has been under the microscope since January this year for being a “get-rich-quick” scheme. Timeline
Latest developmentAccording to a report by MyBroadband, a hacking group calling itself Anonymous ZA exposed the vulnerability of the platform by accessing investor information through its member’s portal mymticlub.com without needing to hack the system. "Using this weakness, it was able to glean detailed information about MTI’s system and see the full names, usernames, e-mail addresses, Bitcoin balances, and earnings linked to every account. Anonymous ZA then published an anonymised copy of the data, which was current as of 14 September 2020, on a dark web site called MTILeaks," MyBroadBand reported. “[The] MTI database shows the company has handled over 22,984 bitcoin in member deposits, amounting to over R4bn.“The data shows that members have withdrawn nearly 15,653 bitcoin (close to R2.9bn), which means the scheme should still have at least 7,331 bitcoin (over R1.3bn) of members’ capital in its accounts.“However, the data also shows that the scheme has allocated almost 9,916 bitcoin (over R1.8bn) to members in interest and bonuses.“This means that MTI must have a minimum of 17,247 bitcoin (over R3.1bn) to cover the remaining deposits and earnings of all members who have not yet been withdrawn from the scheme,” the report said. When initially asked by MyBroadBand whether the company had enough liquidity to cover its obilgations, MTI CEO Johann Steynberg did not respond. In a subsequent statement, MTI declined to comment. |