MTI Liquidators Stumble in UK Court, Face Costly Setback
On June 20, 2025, Moneyweb reported that South African liquidators handling the Mirror Trading International MTI liquidators stumbled in UK court proceedings aimed at recovering funds from the $1.7 billion Bitcoin Ponzi scheme. The liquidators filed a UK application on April 9, 2024, to sidestep South Africa’s statute of limitations, but their attorneys, Farrer & Co, delayed serving it until August 5, 2024, violating insolvency claim rules.
Court Rejects Claims, Denies Extensions
UK investors argued the application was served too late, and the court agreed, striking it down and ordering the liquidators to pay costs.
Requests for a time extension and to admit evidence from their South African counsel were also rejected, as the court deemed the counsel non-independent.
Moneyweb called these “basic errors” that led to “significant costs”.
Reissued Claims Likely Doomed
Undeterred, the liquidators refiled on November 8, 2024, but a legal expert told Moneyweb these proceedings are likely “time-barred” under the SA Prescription Act, which sets a three-year limit for claims. The liquidators’ inaction after receiving MTI’s investor database in April 2021 has weakened their case, raising questions about whether this high-risk litigation serves creditors’ interests.
MTI’s Fallout: No Justice Yet
Despite MTI defrauding over 100,000 investors globally, South African authorities have made no arrests. Critics argue the civil liquidation efforts have been largely futile, with costly legal blunders further eroding recovery prospects for victims of South Africa’s largest crypto scam.