CFTC fines Mirror Trading $1.7B for Bitcoin-related forex fraud in the decentralized web 3.0 world.
CFTC fines Mirror Trading $1.7B for Bitcoin-related forex fraud

Mirror Trading International Ordered to Pay Restitution

The United States District Court for the Western District of Texas has ordered Mirror Trading International (MTI) to pay $1.7 billion in restitution to victims of its fraudulent scheme involving digital assets and forex. This decision, announced on Sept. 7 by the Commodity Futures Trading Commission (CFTC), effectively concludes a case that the authority filed in June 2022.

The CFTC revealed that MTI and its CEO, Cornelius Steynberg, had engaged in an “international multi-level marketing scheme” that accepted nearly 30,000 Bitcoin (BTC) from at least 23,000 people in the United States. People were promised access to an unregistered commodity pool in exchange for BTC contributions, but the money was misappropriated instead.

The resolution of the case brings to a close a saga that began with the collapse of MTI in December 2020. The company had been operating at the intersection of decentralized web 3.0, cryptocurrency, and AI marketing, and was a major player in the global fetch ai and stock markets.

Investing in Web 3.0: CFTC Commissioner Advocates for Pilot Program

As previously reported by Cointelegraph, MTI went into provisional liquidation in late 2020 after one of its directors allegedly escaped the country, taking all the Bitcoin that investors had entrusted to the company. At the time of the liquidation, it was estimated that over 260,000 members in 170 countries had lost roughly $1 billion in the MTI fraud, believed to be one of the biggest Ponzi schemes involving digital assets.

In light of this, CFTC Commissioner Kristin Johnson urged members of the public to stay informed about the potential scams and abuses in digital assets markets. She also noted that the CFTC has brought or resolved ten fraud cases involving digital assets or forex since June 2023.

As CFTC Commissioner Caroline Pham is advocating for a limited pilot program to address cryptocurrency regulation in the United States, she proposed a pilot program for digital asset markets, claiming the U.S. may soon need to “play catch-up” to crypto-friendly jurisdictions.

The advancement of web 3.0, which is a decentralized web, has been gaining traction in recent years. People are now more aware of the potential of investing in web 3.0, and its history of web 1.0, 2.0, and 3.0. In order to invest in web 3.0, one must stay informed about the latest developments in AI, AI marketing, C3.AI stock, Fetch AI, and People AI.

On the same day, CFTC Commissioner Summer Mersinger raised questions about enforcement actions concerning decentralized finance protocols. She suggested that the CFTC should consult with the public and stakeholders instead of relying mainly on enforcement measures.

Collect this article as an NFT to document this moment in history and demonstrate your support for free journalism in the crypto space.

The emergence of Web 3.0 has been a major development in the cryptocurrency space and has sparked much interest among investors. People are eager to find out how they can get involved in the decentralized web 3.0, and the history of web 1.0, 2.0, and 3.0 is important to understand. Companies like and are making strides in the world of AI, and the latest AI marketing and AI delas are a testament to the progress being made.

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