In the latest twist to the Mirror Trading International liquidation saga, Clynton Marks, a co-owner of the bitcoin Ponzi outfit, has opposed attempts to have a court grant a final liquidation order. Marks, who reportedly owned 50% of MTI, argues that the liquidation application was “premature” and that liquidators may “not have the members’ best interests at heart.”

Contents hide

1. The Argument Against Liquidation

2. Judgment Reserved

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The Argument Against Liquidation

As explained in a Mybroadband report, Marks, who recently battled a team of MTI liquidators in a South African court, argues that the liquidation notification process was not properly carried out. Marks asserts that he and his wife, Cheri Marks (Head of Communications for MTI), were supposed to be served with the notice.

In addition, the MTI co-founder says that the recovery of 1,200 bitcoins belonging to MTI from FX Choice nullifies the liquidators’ insolvency argument. In their statement to Mybroadband, the Markses added:

MTI is a solvent company and any chance of members (however slight) to get any relief would not come from the liquidation process but rather from finding Johann (Steynberg) and rightfully encouraging him to rectify whatever wrongs he has allegedly committed. Further to this, it is our belief there are other options more suitable to result in possibly achieving relief for MTI members.

The statement also suggests that if this liquidation process were to proceed “members would be severely prejudiced.”

Judgment Reserved

Meanwhile, the report says its sources inside the liquidators’ legal team are confident that a final liquidation order will be granted. The report also reveals that the court has reserved judgment in the case for the time being, which pits the Financial Sector Conduct Authority (FSCA) and court-appointed liquidators against parties that are opposed to the dissolution of the company.

MTI, which was ranked as the biggest bitcoin scam of 2020 by a blockchain analysis firm, collapsed after its CEO Johann Steynberg disappeared with investors’ funds in December 2020. The collapse subsequently forced disgruntled investors to initiate liquidation proceedings against MTI and Steynberg.

Do believe liquidation to be the best option for MTI investors? Tell us what you think in the comments section below.

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Regulation, Bitcoin Scam, Chainalysis, Cheri Marks, Clynton Marks, Financial Sector Conduct Authority, FX Choice, Insolvency, Johann Steynberg, Mirror Trading International (MTI), MTI liquidation