MTI investors must wait till March 2022 to hear if bitcoin scheme was illegal

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MTI collapsed in December last year after it stopped paying out funds to members.
MTI collapsed in December last year after it stopped paying out funds to members.
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South Africans who lost out in the collapse of Mirror Trading International (MTI), the bitcoin-trading platform that was placed into final liquidation two months ago, will have to wait until March next year to hear if it will be declared an illegal business operation.

While MTI was wound up in late June, its provisional liquidators still want an order declaring the whole business illegal, a category which covers everything from a complex Ponzi scheme to a plain fraudulent enterprise.

On Wednesday, acting Western Cape High Court Judge Alma de Wet was swamped by piles of new court documents as several parties sought to intervene in the case to oppose the liquidators' bid. One application was brought at such short notice the lawyer had to acknowledge to the judge that he hadn't yet had the chance to any file papers at all. 

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