FX choice, a forex broker confirms a transfer of 1,200 bitcoins belonging to South Africa’s now-defunct Mirror Trading International (MTI) to an appointed liquidator according to fresh reports. The report goes further to state that the transfer had been sanctioned by the Financial Sector Conduct Authority (FSCA), the country’s financial industry regulator.
Confirmation of the Transfer
According to a South African media report, the 1,200 BTC had been stuck in MTI’s account with FX Choice since June 2020. Similarly, Bitcoin.com News reported in August 2020, that FX Choice had blocked MTI’s account after an investigation into bitcoin trading firm found “compliance concerns.” And now, in a new statement issued on March 29, 2021, a representative of FX Choice confirms the transfer of funds. The representative said:
The FSCA has authorised the dispersal of MTI’s frozen funds at FXChoice to the appointed liquidators. We confirm that the transfer has now been completed and we consider the matter closed.
Recovery From FX Choice Insignificant
Meanwhile, in FX Choice’s statement confirming the transfer, the brokerage firm’s representative fails to disclose the actual number of bitcoins that had been sent to the liquidator. Instead, it is Brandon Topham, the FSCA’s head of investigations and enforcement, who reveals in a podcast that 1,200 bitcoins had in fact been sent to liquidators. Topham also clarified that the bitcoins been transferred “directly to the liquidators.”
After MTI collapsed in late December 2020, two disgruntled investors immediately approached a South African court seeking relief after failing to withdraw their bitcoin (BTC). The court ruled in their favour and a liquidator was appointed to oversee the process of recovering the bitcoins. Still, this return of the 1,200 bitcoins represents only a small portion of the over half-billion dollars raked in by MTI, which has been labeled the biggest bitcoin scam of the year 2020.
This article is sourced from:https://news.bitcoin.com