US Court Orders CEO of Massive BTC Scheme to Cough Up $3.4 Billion

"CFTC Wins Record-Breaking $3.4 Billion Penalty in Bitcoin Fraud Case"

A South African national and CEO of Mirror Trading International Proprietary Limited (MTI), Cornelius Johannes Steynberg, has been ordered by a Texas District Court Judge, Lee Yeakel, to pay a record-breaking $3.4 billion penalty for his role in a fraudulent Bitcoin scheme. This penalty is the largest fraudulent scheme involving Bitcoin charged in any CFTC case.

Steynberg was found liable for fraud in connection with retail foreign currency transactions and fraud by an associated person of a commodity pool operator (CPO). He was also charged with registration violations and failure to comply with CPO regulations. Judge Yeakel ordered Steynberg to pay $1.73 billion in restitution to the victims of the scheme and an additional $1.73 billion civil monetary penalty. This civil monetary penalty is the highest civil monetary penalty ordered in any CFTC case.

The penalty imposed on Steynberg serves as a warning to other individuals who may be involved in similar fraudulent schemes. It also shows that the CFTC is committed to protecting investors and ensuring that they are not taken advantage of by unscrupulous individuals.

In related news, Bitcoin’s price is currently trading at $29,450.15, following a 2.59% increase over the last 24 hours, according to CoinMarketCap. This increase has boosted the leading crypto’s already-positive weekly price performance, taking the total weekly gain for BTC up to +5.48% at press time.

BTC has also strengthened against Ethereum (ETH) over the last 24 hours. As a result, BTC is up 0.49% against the leading altcoin, given ETH was only able to print a 1.89% gain over the last 24 hours. ETH is currently trading at $1,915.89.

Investors should always do their own research and due diligence before investing in any cryptocurrency. The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

Martin Reid

Martin Reid

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