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Following the insolvency of the South African cryptocurrency corporation, law enforcement agencies in the United States have teamed up with investigators in South Africa to look into the actions of Mirror Trading International.

The FBI is reportedly collaborating with liquidators in charge of Mirror Trading International’s assets, acting on behalf of U.S.-based investors who were left short after the exchange’s demise.

The investigation is being carried out in the hopes of retrieving some of the digital currency assets reportedly lost by the firm, which has been labeled a “Ponzi scheme” from its inception.

Mirror Trading International has roughly 260,000 members worldwide at its height in November 2020, with a total of 230,000 BTC. However, some investors have since labeled the company a fraud, leading to its dissolution in June 2021.

The trustees in charge of the liquidation indicated in a statement to the public that the FBI would now be joining them in their investigation into the company’s activities.

After being contacted, the firm’s liquidators met with international law enforcement agencies such as the Federal Bureau of Investigation. In the interests of multiple U.S. and local investors, the FBI has teamed up with the liquidators of Mirror Trading International.

In addition, investigators are still looking for Johann Steynberg, the CEO of Mirror Trading International, who has been missing since the company was put into insolvency.

“Although there is a paper trail (airplane ticket) regarding his possible flight attempt to Brazil, no video or photo confirmation could be obtained that he did leave the country.”

The case is only the latest in a long line of digital currency thefts in South Africa, which has seen the quantity and sophistication of scams rise in tandem with the use of digital currency assets.

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