Mirror Trading International Ponzi blown open by data leak

Owing to the usage of off-the-shelf rip-off software program, the internals of Mirror Buying and selling Worldwide have been made public.

We all know how a lot they firm at the moment has on deposit, what they owe and who who has to date stolen what.

The MTI knowledge leak has been revealed on a Tor community web site by “anonymous_za”.

I’m not going into any additional element as a result of, in mild of MTI’s response, the supply of the leak doesn’t matter (extra on that later).

The software program firm Johann Steynberg purchased MTI’s backoffice script from is Maxtra Applied sciences.

Maxtra Applied sciences markets itself as a “cell app improvement firm” from India. Mirror Buying and selling Worldwide’s brand options on its web site.

The supplied leaked knowledge is correct up till September 14th, 2020.

I’ve included present USD quantities to symbolize what has been stolen in fiat however, as per bitcoin’s volatility, notice these quantities are topic to vary.

As per the information, Mirror Buying and selling Worldwide associates have invested 22,984.038907 BTC (~$251.1 million).

Of funds invested a complete of 16,503.804706 BTC has been withdrawn (~$180.3 million).

Based mostly on returns supplied to MTI associates of their backoffice and but to be withdrawn commissions, 17,247.03597 BTC is owed (~$188.7 million)

The issue?

Mirror Buying and selling Worldwide solely has 7331.05472 BTC on deposit (~$80.2 million).

It is a deficit of 9915.98124 BTC. And contemplating MTI is a Ponzi scheme, that determine will proceed to develop over time.

As of September 14th 160,000+ affiliate accounts have been created. 99,077 of those are from South Africa, 10,867 are from the US and 4923 are from Namibia.

MTI will not be registered to supply securities in any of those international locations.

Shifting onto withdrawals, MTI’s high net-winners of September 14th are as follows:

  1. Ignatius Bell – 273 BTC (~$2.9 million)
  2. Ignatius Michael Bell (second account) – 183.58702 BTC (~$2 million)
  3. Clynton Marks (MTI admin) – 130.20470 BTC (~$1.4 million)
  4. Alice Potgieter – 110.46455 BTC (~$1.2 million)
  5. M Bell (third account) – 79.30734 BTC (~$867,979)
  6. George Beetge – 76.57953 BTC (~$838,124)
  7. Kathleen Meinking – 75.8 BTC (~$829,593)
  8. Nico van der Merwe – 58.22434 BTC (~$637,236)
  9. Sean Logan – 45.06488 BTC (~$493,212)
  10. Henriette Bell – 44.57892 BTC (~$488,464)
  11. Johannes Fourie – 42.18916 BTC (~$462,279)
  12. XG Int Ltd – 39.15 BTC (~$428,978)
  13. Crypto Analyzer (aka Gary Jeremiah Handley) – 38.19548 BTC (~$418,519)
  14. Morne Kapp – 38.09453 BTC (~$417,413)
  15. Mine Hendriksz – 35.70899 BTC (~$391,274)

Ignatius Bell, Clynton Marks and Alice Potgieter obtained extra funds by way of a “founders pool”.

MTI founders are additionally reported to get “higher ROI” charges over common associates.

Based on evaluation of leaked knowledge;

Members have been famous to use the pyramid scheme through the use of a number of accounts and positions in addition to transferring deposits between positions utilizing the inner switch (member-to-member) scheme with a view to obtain higher binary earnings.

The inner switch scheme has been (ab)utilized by members and founders, to switch funds between weaker and stronger legs of their pyramid simply earlier than bonus calculations happen.

Ignatius Bell and his associated accounts are an ideal instance of this.

Prime recruiters (or not less than MTI accounts with the most important downlines) are:

  1.  Janire Pascual Dominguez – 910
  2. Eduardo Daniel Cardona Ramirez – 855
  3. Johann Steynberg (MTI’s proprietor) – 752
  4. Crypto Analyzer (YouTube shill) – 658
  5. Rabu Gary – 230
  6. Ron Singh – 188
  7. Madisson Romero – 175
  8. Sean Logan – 169
  9. Manuele Claudi – 154
  10. Joel Santiago – 137

Nowhere within the knowledge is there any proof of exterior income era.

MTI initially claimed they had been utilizing a foreign exchange bot. When that blew up of their face the corporate introduced it was utilizing a crypto buying and selling bot.

In response to the leak, Mirror Buying and selling Worldwide has instructed associates “to not give any feedback on the matter”.

The corporate claims it’s “pleased with our system and safety.”

Of notice is MTI doesn’t problem the accuracy of the leaked knowledge. Contemplating associates are capable of search and confirm the knowledge because it pertains to their very own accounts, MTI didn’t have a alternative.

Up to now regulatory warnings have been issued towards Mirror Buying and selling Worldwide in the US and South Africa.

No direct motion has been taken towards MTI founder Johann Steynberg or any of the corporate’s net-winners.