The latest report from South Africa shows that Mirror Exchange International (MTI), which has recently closed down, has transferred a total of 1,200 bitcoins from FX Choice to the designated liquidator. The report also stated that the transfer has been sanctioned by the Financial Sector Conduct Authority (FSCA), the country’s financial industry regulator.

Transfer confirmation

According to South African media reports, since June 2020, 1,200 BTC have been stuck in MTI’s FX Choice account. Similarly, Bitcoin.com News reported in August 2020 that FX Choice blocked MTI’s account after investigating a Bitcoin trading company. “Compliance issues.” Now, in a new statement issued on March 29, 2021, a representative of FX Choice confirmed the transfer of funds. The representative said:

FSCA has authorized the allocation of frozen funds from MTI to designated liquidators on FXChoice. We confirm that the transfer has been completed, and we believe that the matter is over.

Recovery is trivial

At the same time, in FX Choice’s statement confirming the transfer, the representative of the brokerage company did not disclose the actual amount of bitcoins that had been sent to the liquidator. Instead, it was FSCA’s head of investigation and enforcement, Brandon Topham, who revealed in a podcast that 1,200 bitcoins had actually been sent to the liquidator. Topham also clarified that Bitcoin “was directly transferred to the liquidator.”

After MTI went bankrupt in late December 2020, two disgruntled investors immediately sought relief from the South African courts after failing to withdraw Bitcoin (BTC). The court ruled in their favor and appointed a liquidator to oversee the process of recovering Bitcoin. Nonetheless, the return of 1,200 Bitcoins is only a fraction of the $500 billion earned by MTI, which is marked as the biggest Bitcoin scam of 2020.

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Do you believe that MTI, the liquidator, will also recover Bitcoin from the company’s other brokers? You can share your views in the comments section below.

Tags in this story

Account freeze, Bitcoin recovery, Bitcoin, financial services, FSCA, FX Choice, investors, Mirror Trading International (MTI), MTI liquidator, regulator, South African Bitcoin

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