• Latest
  • Trending
  • All
Head of South African Firm Slapped with $3.4B Fine for Bitcoin Fraud in US

Head of South African Firm Slapped with $3.4B Fine for Bitcoin Fraud in US

April 29, 2023
Beam Plans January Halving to Further the Cause of Privacy Coins

Beam Plans January Halving to Further the Cause of Privacy Coins

December 5, 2023
Dogecoin Founder Reveals Shocking Fact About FTX Creator SBF

Dogecoin Founder Reveals Shocking Fact About FTX Creator SBF

December 5, 2023
Crypto Analyst Says It’s “Not Too Late” To Buy Ethereum, Here’s Why

Crypto Analyst Says It’s “Not Too Late” To Buy Ethereum, Here’s Why

December 5, 2023
Ethereum (ETH), Ripple (XRP), Cardano (ADA), Litecoin (LTC), Polkadot (DOT) al Mercato in Crescita

Ethereum (ETH), Ripple (XRP), Cardano (ADA), Litecoin (LTC), Polkadot (DOT) al Mercato in Crescita

December 5, 2023
Crypto Markets Add $70 Billion Daily as BTC, ETH Soar to 19-Month Highs (Market Watch)

Crypto Markets Add $70 Billion Daily as BTC, ETH Soar to 19-Month Highs (Market Watch)

December 5, 2023
Analyst Predicts Rallies for Cosmos, Gala and One Bitcoin Ecosystem Altcoin – Here Are His Targets

Analyst Predicts Rallies for Cosmos, Gala and One Bitcoin Ecosystem Altcoin – Here Are His Targets

December 5, 2023
Bitcoin Overtakes Tesla, Berkshire Hathaway Stock to Become Top 10 Asset

Bitcoin Overtakes Tesla, Berkshire Hathaway Stock to Become Top 10 Asset

December 5, 2023
Societe Generale Issues First Digital Green Token on Ethereum Mainnet Network

Societe Generale Issues First Digital Green Token on Ethereum Mainnet Network

December 5, 2023
Bitcoin Miner Riot Secures 66560 Microbt ASIC Miners to Boost Hashrate by 18 EH/s – Mining Bitcoin News – Bitcoin.com News

Bitcoin Miner Riot Secures 66560 Microbt ASIC Miners to Boost Hashrate by 18 EH/s – Mining Bitcoin News – Bitcoin.com News

December 5, 2023
Crypto Nostradamuses Triumphant: Bitcoin, Ethereum, Shiba Inu, Dogecoin Take Off, Reaffirming Pundits’ Predictions

Crypto Nostradamuses Triumphant: Bitcoin, Ethereum, Shiba Inu, Dogecoin Take Off, Reaffirming Pundits’ Predictions

December 5, 2023
Why Did Ethereum Price Reach A New Yearly High?

Why Did Ethereum Price Reach A New Yearly High?

December 5, 2023
Litecoin na koniec roku złapie nowy wiatr w żagle?

Litecoin na koniec roku złapie nowy wiatr w żagle?

December 5, 2023
Tuesday, December 5, 2023
DLT EMPIRE
  • Home
  • Bitcoin
  • Ethereum
  • Blockchain
  • Altcoin
  • Crypto Mining
  • Dogecoin
  • Litecoin
  • Market
No Result
View All Result
DLT EMPIRE
No Result
View All Result
Home Bitcoin

Head of South African Firm Slapped with $3.4B Fine for Bitcoin Fraud in US

by Cuevas Antonio
April 29, 2023
in Bitcoin
0
Head of South African Firm Slapped with $3.4B Fine for Bitcoin Fraud in US
491
SHARES
1.4k
VIEWS
Share on FacebookShare on Twitter


The CFTC claimed that the firm had proprietary software that was expected to recognize significant trading gains for investors who contributed to the Bitcoin pool, but in reality, there was no such “bot” in use.

The head of a South African firm has been slapped with a massive fine of $3.4 billion by a federal judge in Texas. The US commodities regulator claimed that this was the largest-ever fraud case revolving around Bitcoin ever to be committed by a company.

The head, who goes by the name Cornelius Johannes Steynberg, was asked to pay $1.7 billion as a civil penalty, a record for any Commodity Futures Trading Commission case, according to the regulator. Steynberg, whose last known place of residing was in South Africa, hasn’t been responsive to the media.

Details of This Bitcoin Fraud

The CFTC had reprimanded Steynberg in July, claiming that the Mirror Trading demanded Bitcoin online from thousands of people to allegedly manage a commodity pool. The company also promised to trade off-exchange, retail foreign currency with users who were not allowed to trade. The Commodity Futures Trading Commission filed charges against Mirror Trading International Proprietary Limited.

Steynberg, who had been a fugitive from South African Law enforcement, was detained in Brazil last year on an INTERPOL arrest warrant.

Over a span of almost three years from 2018 to 2021, Steynberg received and stole at least 29,421 bitcoins worth more than $1.7 billion from over 23000 participants from the United States. The people of Texas were the worst affected by the heist that happened almost two years ago.

The judgment against Steynberg was rolled out by Judge Lee Yeakel in the Western District of Texas.

The CFTC claimed that the firm had proprietary software that was expected to recognize significant trading gains for investors who contributed to the Bitcoin pool, but in reality, there was no such “bot” in use. In reality, only a small portion of the pooled Bitcoin was invested, and that too at a loss. The remaining was “misappropriated”, according to the CFTC. The firm ended up filing for bankruptcy in 2021, closely after which South African regulatory official began its fraud investigation.

MTI is presently undergoing liquidation in South Africa. The order states that MTI is “liable for fraud in connection with retail foreign currency (forex) transactions, fraud by an associated person of a commodity pool operator (CPO), registration violations, and failure to comply with CPO regulations”.

In addition to the fine, Steynberg is permanently denied registering with the CFTC and trading in any markets regulated by them.

next

Bitcoin News, Cryptocurrency news, News

Sanaa Sharma

Sanaa is a chemistry major and a Blockchain enthusiast. As a science student, her research skills enable her to understand the intricacies of Financial Markets. She believes that Blockchain technology has the potential to revolutionize every industry in the world.

Thank you!

You have successfully joined our subscriber list.



Source link

Tags: 3.4BAfricanBitcoinFinefirmFraudSlappedSouth
Share196Tweet123Share49
Cuevas Antonio

Cuevas Antonio

  • Trending
  • Comments
  • Latest
ChatGPT is Being Used to Make ‘Quality Scams’

ChatGPT is Being Used to Make ‘Quality Scams’

March 20, 2023
Rise of AI-Powered Cheating: Challenges and Solutions for Educators

Rise of AI-Powered Cheating: Challenges and Solutions for Educators

March 20, 2023
Former FTX US President Reportedly Quit After ‘Protracted Disagreement’ With Bankman-Fried

Former FTX US President Reportedly Quit After ‘Protracted Disagreement’ With Bankman-Fried

April 10, 2023
Silicon Valley Bank: Bitcoin investors in panic as market goes sideways

Silicon Valley Bank: Bitcoin investors in panic as market goes sideways

0
24 Crypto Terms You Should Know

24 Crypto Terms You Should Know

0
Bitcoin, Ethereum, Dogecoin Rally As Team Biden Cushions SVB Blow

Bitcoin, Ethereum, Dogecoin Rally As Team Biden Cushions SVB Blow

0
Beam Plans January Halving to Further the Cause of Privacy Coins

Beam Plans January Halving to Further the Cause of Privacy Coins

December 5, 2023
Dogecoin Founder Reveals Shocking Fact About FTX Creator SBF

Dogecoin Founder Reveals Shocking Fact About FTX Creator SBF

December 5, 2023
Crypto Analyst Says It’s “Not Too Late” To Buy Ethereum, Here’s Why

Crypto Analyst Says It’s “Not Too Late” To Buy Ethereum, Here’s Why

December 5, 2023

Recent News

Beam Plans January Halving to Further the Cause of Privacy Coins

Beam Plans January Halving to Further the Cause of Privacy Coins

December 5, 2023
Dogecoin Founder Reveals Shocking Fact About FTX Creator SBF

Dogecoin Founder Reveals Shocking Fact About FTX Creator SBF

December 5, 2023
Crypto Analyst Says It’s “Not Too Late” To Buy Ethereum, Here’s Why

Crypto Analyst Says It’s “Not Too Late” To Buy Ethereum, Here’s Why

December 5, 2023

Categories

  • Altcoin
  • Altcoin News
  • Altcoins
  • Artificial Intelligence
  • Bitcoin
  • Blockchain
  • Blockchain Games
  • Business
  • Crypto
  • Crypto Mining
  • Cryptocurrencies
  • Cryptocurrency
  • Culture
  • Defi
  • Dogecoin
  • Economy
  • Education
  • Entertainment
  • Ethereum
  • Featured
  • Gambling
  • Governance
  • Health
  • Lifestyle
  • Litecoin
  • Market
  • News
  • Sports
  • Uncategorized
  • Web 3.0
  • World

Converter

Cryptocurrency Prices by Coinlib

© 2023 Dlt Empire | All Rights Reserved

No Result
View All Result
  • Home
  • Bitcoin
  • Ethereum
  • Blockchain
  • Altcoin
  • Crypto Mining
  • Dogecoin
  • Litecoin
  • Market

© 2023 Dlt Empire | All Rights Reserved