Less than a month after a Cape Town Supreme Court issued a preliminary winding-up order against Mirror Trading International, the liquidators are seeking more powers to investigate the company and recover investor funds.

According to Herman Bester, one of the four appointed liquidators, the team must operate across multiple jurisdictions to determine the full scope of MTI’s business.

The liquidators are currently trying to track down all of the company’s assets. Following this trial, the team will file a formal report with the court indicating the likelihood that investors’ money will be successfully returned to the victims of the alleged scam.

According to to Bloomberg, the courts can issue a final order for the winding-up process on March 1 if there is no objection to the proceedings. The first meeting of MTI’s creditors takes place two months after the court order to vote on a final liquidator. Judging by past liquidations related to crypto scams, MTI’s creditors may have a long way to go.

As before reported by Cointelegraph, both the Texas States Securities Board and the Financial Services Conduct Authority in South Africa took action against the company in 2020.

MTI is accused of misleading its clients into investing in its plan and promising a return on investment of 10% per month. The alleged Bitcoin (BTCMLM scheme also claimed to have more than 260,000 investors from more than 170 countries.

However, the FSCA investigation into the company’s operations found no evidence of successful trading by the company. In total, MTI is believed to hold approximately 23,000 BTC worth more than $ 880 million at the current Bitcoin price.

According to to South African media outlet The Citizen, leaked internal communications reportedly indicate that senior executives at the company were unaware of the scam. According to details of the Zoom meeting in question, only the CEO Johann Steynberg had full control over the company’s operations.

Steynberg is reportedly AWOL and believed to be in Brazil. Also, no one at the company has heard from him since December 2020. The last official statement from the resident of Polokwane was a rejection of the allegations against the company.

MTI is one of the many alleged crypto-related scams in South Africa. These investment schemes take advantage of Bitcoin’s popularity in the country to ward off unsuspecting victims.

In July, Willie Breken, operator of the VaultAge crypto scam that allegedly stole more than $ 16 million from 2,000 investors, declared bankrupt. Broad had earlier fled the country to neighboring Mozambique during the heat of the investigation.