The liquidator of the now-defunct bitcoin trading platform Mirror Trading International has so far spent approximately $4.2 million in legal and consulting fees Between January 23, 2023 and the date of their appointment, the liquidators claim to have recovered approximately $770,000 belonging to MTI.
Liquidators’ Compensation
The liquidators of the defunct bitcoin Ponzi scheme Miller Trading International (MTI) have reportedly spent about $4.9 million (90.2 million rand) on lawyers and consultants to date since taking control of according to a Mybroadband report. In total, about $6.1 million has been spent so far, with another $7.3 million earmarked for liquidator’s fees.
In April 2021, more than $70 million was raised from the sale of 1,281 bitcoins belonging to MTI, according to a Bitcoin.com News report. A few months later, another report stated that more than 8,000BTCbelonging to MTI had been “tracked” and investigators were on track to find more.
However, according to the report, between January 23 and the seizure of MTI’s assets, the liquidators have so far recovered approximately $770,000. The liquidators are reportedly expecting “an exponential increase in recoveries from so-called net beneficiaries,” but they are less certain about the rate of growth in spending.
According to blockchain intelligence firm Chainalysis, MTI was the biggest crypto scam of 2020, netting more than $500 million for the scheme’s mastermind.
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