The latest news for MTI can be found here: MTI News
Mirror Trading International (MTI) is a South African-based and registered company 1)2)3)4) currently involved in an online investment scheme estimated to have obtained over four billion South African rands worth of bitcoin, and has been accused of fraud by governmental bodies internationally.
Chainanalysis.com released a report in September 2020 highlighting MTI as a growing scam receiving the most cryptocurrency from Africa, surpassing SBlock5) in November 2019.
It is an investment scheme where members entrust a fictional artificial intelligence trading bot to produce returns. MTI claims that this bot traded in crypto and forex. Members of this scheme are also encouraged and financially incentivized to receive bonus payouts if they recruit more members to join under them. Repeated attempts by members and the public to obtain verification and confirmation of this trading bot have been met with resistance. MTI has been unable to prove the existence of their bot, and simply reiterate “there are no unhappy MTI members” as proof of their legitimacy.
MTI has on occasion presented select “live trading” videos. Although it is impossible to determine whether these videos are indeed “live” or not, it has come to light that one video showed a demo trading account being used (with no actual money traded), and in another video the “bot” only managed to lose money during the trading session.
MTI's previous broker, FXChoice, confirmed that no AI trading took place 6)7) from their account during the time that MTI was a client; instead, manual trades were made, which incurred substantial losses. MTI's account was subsequently closed by FXChoice due to non-compliance, and MTI did not bother to submit the correct verification documents. MTI claimed that they moved to a new broker, but refused to identify the broker to their members or the public. Instead, they sent this PDF file to the FSCA as proof of MTI's BTC being moved from FXChoice to Trade300, being the new top-secret broker. Since then, Trade300 has been confirmed as a fictitious broker with a website designed by Johann Steynberg.
Apart from being a registered South African company, MTI has no affiliations or accreditations with any financial body worldwide. At this point in time, they have not performed any independent audits and have no KYC or FICA procedures in place. Additionally, their yearly financial statements are currently outstanding. The Financial Sector Conduct Authority (FSCA) has issued a warning against MTI, and recommends that clients request refunds from them as soon as possible.
Due to the unrealistic level of investment returns, lack of transparency, lack of basic business governance and compliance, known involvement in past Ponzi schemes of top management, and general cult mentality of this scheme, MTI has been receiving all the wrong types of attention.
Once a scheme has been declared a pyramid scheme and the money invested by participants has been recovered, victims are then compensated by the National Consumer Commission, however, no compensation is payable to participants of the scheme who knew that they were joining or participating in a pyramid scheme.8)
Multiple members have started complaining about deposits and withdrawals not showing up in their accounts.
See MTI Issues.
With the onset of so many withdrawal issues, MTI started a Tech Assist Telegram group monitored by volunteers. Cheri and Monica frequented the group, amongst many other top tier leaders. The text can be found in the following documents:
It has been confirmed that The Financial Sector Conduct Authority (FSCA) raided the offices of Mirror Trading International (MTI) in Stellenbosch and Polokwane on the 26th of October 2020. Further raids & seizures were performed at Cheri Ward & Clynton Hugh Marks' mansion in Durban together with the home of CEO, Johann Steynberg
Further details can be seen at MTI Raid.
There are various reasons to doubt MTI's claims that this AI trading bot actually exists and is making a consistent ~1% daily profit. There are also various reasons to doubt that MTI's leadership knows anything at all about running a business.
In this video, all MTI corporate can be seen trying to distance themselves from the fall-out.
More details can be found on MTI Claims.
The Texas State Securities Board has served MTI with a cease-and-desist order—a US Government document signed by the securities commissioner—which concludes, among other things, that “Mirror Trading International and Steynberg are engaging in fraud in connection with the offer for sale of securities.”
Mauritius also listed MTI as a fraudulent company (PDF file).
Anonymous ZA was able to access all of MTI's client information. They created an anonymized database of the data and a website on the Tor network to expose what they found.
Text files of the users and their down lines, emails and the top vocal promoters can be found here -
The original MTI Leaks website is no longer available on the Tor network, but you can find mirroring of the information and data on this website: MTILeaks/Github
You can find a searchable backup of the Anonymous database expose at unrulyurbanist.co.za
The codebase behind mymticlub.com MTILeaks
The software that is used on mticlub.com is a fork of code by an Indian company known as Maxtra Technologies (https://maxtratechnologies.com/))
MaxtraTech includes Mirror Trading International as a reference in its web site (https://www.maxtratechnologies.com/portfolio.php)) along with other similar MLM type sites. MaxtraTech seems to specialize in creating web sites for MLM type sites.
The MTI web site is now hosted directly in India at Maxtra Technologies. A 3 year old version of the code behind mymticlub.com was found on: https://github.com/sandeep741/tiods/blob/master/ and corresponds largely to the code use in the MTI backoffice, with SQL injection and enumeration vulnerabilities kindly included. In fact, any web developer perusing the mymticlub.com interface, and the “sandeep741” code will reveal how similar it is.
Maxtratech seems to be MTI's mymticlub.com integrator, hosting provider and partner. Even a few simple DNS queries by a non-illustrious hacker will confirm…
For a full list and all details on founders, directors, promoters and suspicious investors, please go to People Involved.