Out of the approximately million (ZAR1.1 billion) that was recovered to pay back victims of the collapsed bitcoin investment platform Mirror Trading International (MTI), only .3 million remains. Court documents reportedly state that liquidators have used the recovered funds to pay an outstanding tax liability of .2 million and legal fees of .78 million. […]
Bitcoin News
Investors in Collapsed Ponzi Scheme Resist Liquidator’s Attempts to Force Repayment at Current BTC Prices
Investors in the bitcoin Ponzi scheme Mirror Trading International are reportedly resisting liquidators’ attempts to have them repay digital assets withdrawn before it collapsed. According to the investors’ lawyer, MTI liquidators are intentionally misinterpreting the Insolvency Act for their benefit. Liquidators Face Accusations of Prolonging the Settlement Process A group of Mirror Trading International (MTI) […]
Bitcoin News
Mirror Trading International Liquidators Spent More Than $6 million on Lawyers and Investigators
Liquidators of the now defunct bitcoin trading platform, Mirror Trading International have so far used approximately .2 million on expenses such as lawyers’ or consultants’ fees. Between Jan. 23, 2023, and the date of their appointment, liquidators claimed to have recovered approximately 0,000 which belonged to MTI.
Liquidators’ Fees
Liquidators of the collapsed bitcoin Ponzi scheme Mirror Trading International (MTI) have so far spent approximately .9 million (90.2 million rands) on lawyers and consultants since assuming control, a report has said. According to a Mybroadband report, a total of approximately .1 million has so far been disbursed while a further .3 million is earmarked for liquidators’ fees.
In April 2021, a Bitcoin.com News report said more than million was raised from selling 1,281 bitcoins belonging to MTI. A few months later, another report said more than 8,000 BTC belonging to MTI had been “traced” and that investigators were on track to finding more.
However, according to the report, between Jan.23 and the day they took control of MTI assets, liquidators have so far recovered around 0,000. While liquidators are said to be expecting an “exponential increase in the amount recovered from the so-called net winners,” they are less certain about the growth rate of their expenditure.
According to the blockchain intelligence firm, Chainalysis, MTI was the biggest crypto scam in 2020 which netted more than 0 million for the scheme’s masterminds.
What are your thoughts on this story? Let us know what you think in the comments section below.
3AC Co-Founder Kyle Davies Fails to Respond to Liquidators’ Subpoena Despite Twitter Delivery
According to recent court filings, Kyle Davies, co-founder of the defunct cryptocurrency hedge fund Three Arrows Capital (3AC), has allegedly failed to respond to a subpoena from the firm’s current liquidators, despite it being sent via Twitter. Representatives from advisory company Teneo state that Davies continues to ignore his obligations to Three Arrows.
3AC Liquidators Frustrated With Lack of Response From Co-Founders
A recent filing submitted to the New York bankruptcy court states that Kyle Davies, co-founder of 3AC, is obstructing or disregarding requests from the 3AC Liquidation team. Additionally, according to representatives from advisory firm Teneo, Davies is accused of soliciting investors “shamelessly” for a new cryptocurrency project. On Jan. 5, 2023, the “3acliquidation” Twitter account served subpoenas to the 3AC founders via Twitter.
Lawyers and two representatives from Teneo explained in a court filing released Tuesday night that the liquidators have yet to receive a response from Davies. While the lawyers note that the 3AC founders are looking to start a new crypto project, the liquidators also mention that Davies has been active on social media. “He has not even attempted to reach out to undersigned counsel to voice an objection or concern with the topics of the subpoena. This is not a question of partial compliance, but of no compliance whatsoever,” the filing details.
The liquidators add:
He is, without question, aware of the Subpoena … having been tagged in 41 replies and 64 retweets … and has, once again, chosen to ignore his duties to Three Arrows. All the while, Mr. Davies has continued to post on his Twitter account, openly ignoring the Court’s directives and enjoying media attention while he continues to thwart efforts by the Foreign Representatives to gain access to documents and information.
Liquidators have expressed frustration about their attempts to reach 3AC co-founders Su Zhu and Davies since the bankruptcy proceedings began. At the time, Zhu maintained that the pair has been communicating with all relevant authorities “from day one.” However, complaints from 3AC liquidators emerged shortly after the defunct cryptocurrency hedge fund filed for bankruptcy protection, using the Chapter 15 process to safeguard the company’s assets in the United States.
According to reports and an interview with Davies in November 2022, Davies is believed to be in Bali. During the interview, CNBC’s Becky Quick asked Davies if he was “in Bali because Indonesia is one of the seven countries that won’t extradite you to the United States.” Zhu’s location is thought to be either Singapore or the United Arab Emirates (UAE), but the exact location of either 3AC co-founder is uncertain as of writing.
What do you think of the allegations against Kyle Davies and the ongoing legal battle for Three Arrows Capital? Share your thoughts in the comments below.
Cryptopia Liquidators Release First Report on Exchange’s State of Affairs
The post Cryptopia Liquidators Release First Report on Exchange’s State of Affairs appeared first on DCEBrief.
Hacked New Zealand Exchange Cryptopia Appoints Liquidators, Trading Suspended
n Hacked New Zealand-based cryptocurrency exchange Cryptopia has gone into liquidation and suspended trading servicesn
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