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South African Bitcoin Ponzi Scheme was drags by Brazil’s court

A court in Brazil has found Johann Steynberg, the mastermind of the bitcoin ponzi scheme Mirror Trading International (MTI), guilty in a case in which he is accused of using a forged identity document. The court, however, commuted Steynberg’s three-and-a-half-year sentence to a fine of just over $31,000. Both Steynberg’s lawyers and the prosecution team have reportedly appealed the court’s decision.

MTI Boss Avoids Jail Time

A Brazilian court has reportedly found Johann Steynberg, the CEO of Mirror Trading International (MTI) — the defunct bitcoin ponzi scheme — guilty in a case in which he is accused of using forged identity documents. However, according to a Mybroadband report, Steynberg, who was sentenced to three and a half years in prison, is unlikely to serve the jail time after the court reportedly ordered him to pay a fine instead.

As previously reported by News, Steynberg, who fled South Africa in late 2020, was arrested by Brazilian law enforcement in December 2021. At the time of his arrest, Steynberg was found to be in possession of a forged Brazilian identity document. Following his arrest, South African authorities reportedly kickstarted the process to have the MTI boss extradited.

Steynberg’s subsequent attempt to block the extradition proceedings was rebuffed by a Brazilian judge in 2022. Since then, the MTI mastermind has seemingly remained in “precautionary detention.”

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