Mirror Trading International 589 Million Dollars Exit Named the Biggest Crypto Scam of the Year 2020
February 15, 2021 11:31 PM
Mirror Trading International (MTI) who reportedly scammed loads of South Africans has been declared the biggest crypto scam of 2020.
Chainalysis, a blockchain analysis firm in its latest reports of crypto scams named MTI as the biggest cryptocurrency scam in 2020 ahead of others such as J-enco and forsage who raked in an estimated $350 million.
According to the reports, Mirror Trading International had over 471,000 deposits with a large chunk of the transactions coming from its South African Victims. The reports reveal that MTI's initial web traffic came from South Africa and grew into other countries such as Canada, UK, U.S, and Mexico.
Chainalysis also revealed how MTI used a popular gambling platform to launder investors' funds. The report explained that most BTC deposits Mirror Trading International received came from exchanges.
However, the report concludes that the MTI scam saga should serve as a good example of the need for the industry to spread the word algorithm trading platforms promising unrealistically high returns are mainly scams. Also the reports urged Crypto exchanges to restrain users from sending funds to such addresses or at least warn them of the financial risk attached.