Another twist on the Ponzi Mirror Trading International (MTI) bitcoin scam, the blockchain intelligence firm Whitestream notes that bitcoins from the company’s wallets are sent to the Wasabi privacy mixer. According to the Whitestream update, this turn to mixers indicates that Ponzi operators are trying to obscure the movement of bitcoins.
Conspiracy to conceal funds
Reports that MTI bitcoins are being used for mixers show the recent disappearance of the company’s CEO Johann Steinberg at the end of last year. It also comes after a South African court issued a revoked order against MTI.
In a January 2 update, Whitestream explained that about 75 BTC (or more than $ 3 million) had been sent to this address in the weeks leading up to the report. Following this transaction, the blockchain intelligence company claims that it then observed the transfer of about 10 BTC from this address to the Wasabi faucet.
Meanwhile, Whitestream co-founder and CEO Itzik Levy tells News.bitcoin.com that these mixer transfers should apply to MTI investors trying to get their money back. Levy says:
This may indicate a pattern that shows us that Mirror Trading International operators are trying to hide part of their funds in the blockchain.
The CEO adds that this strategy is a common tactic used by “other popular Ponzi schemes that we have already seen this year.” Bitcoin mixers are designed to allow users to mix their coins with other users to maintain their privacy. When coins are mixed, they become much harder to trace, and this makes faucets attractive tools for laundering elements of cybercriminals.
Another data breach
Meanwhile, which adds more problems to MTI executives, there are reports in the South African media about another hacking of the e-commerce company’s servers. According to one report, this latest violation revealed the indecent earnings of some of the founders and leaders of the MTI Ponzi scheme. The breach, committed by a group calling itself Anonymous, resulted in the publication of “names, addresses, contact information and account information of each of the top 200 members.”
According to the data dump, at the top of this list is Clinton Marx, who apparently has two accounts in the list of ten MTI employees. Mark’s first account shows that he has earned bonuses totaling 532.39 BTC today, while the other has total bonuses of BTC 148.48. Other names in the top ten earners include Ignatius Bell, who also has more than one account. Cherie Marx, Clinton Marx’s wife and missing CEO Steinberg are also on the list.
Finally, as the report explains, the timestamps in the transaction history suggest that this violation occurred on December 24, 2020.
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