The Commodity Futures Tradding Commission filed a lawsuit today against Cornelius Johannes Steynberg and Mirror Trading International Proprietary Limited (MTI), charging them with fraud and registration violations. The complaint accuses Steynberg of engaging in an international fraudulent multilevel marketing (MLM) scheme that brought in 29,421 BTC, worth over $1.7 billion. The agency says Steynberg also used his company MTI in the scheme, which ran for nearly three years from May 18, 2018, through March 30, 2021. The little trading that Defendants did was unprofitable, and they misappropriated essentially all of the at least 29,421 Bitcoin accepted from participants.

Fraudsters often take full advantage of new technology, global connectivity, and perceived lack of a cop on the beat to perpetrate their scams.

Full Article: https://decrypt.co/104223/cftc-declares-its-largest-fraud-scheme-case-involving-bitcoin-worth-over-1-7-billion

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