The Hawks, South Africa’s Directorate for Priority Crime Investigation, are currently working to confirm reports regarding the possible demise of South African crypto kingpin Johann Steynberg in Brazil. Steynberg, the founder and CEO of the fraudulent scheme known as Mirror Trading International (MTI), has been a subject of investigation for alleged fraud activities.
Brigadier Nomthandazo Mbambo of the Hawks stated that the unit is in the process of verifying information surrounding the 40-year-old Steynberg’s reported passing. Rumors of his death emerged from Brazilian media sources, claiming he had been living under house arrest in the state of Goiás in Brazil.
Steynberg made headlines when he fled South Africa in 2020 following the collapse of his online trading platform, MTI. The platform’s collapse left numerous investors at a loss, as Steynberg failed to deliver on promised returns, leading to the platform’s liquidation.
Evading authorities for some time, Steynberg was eventually apprehended in Brazil and served time for utilizing forged documents. Despite extradition requests from the National Prosecuting Authority in South Africa, efforts to bring Steynberg back for trial have faced hurdles.
Meanwhile, investigations by international entities have progressed. Last year, the Commodity Futures Trading Commission imposed a monumental fine on MTI amounting to a record $3.46 billion for widespread fraud impacting thousands of members.
In South Africa, liquidators have been diligently searching for potentially thousands of missing bitcoins linked to MTI. The unraveling of the scheme has shed light on Steynberg’s operation, prompting ongoing probes into the intricate web of deceit.
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