Here is a copy of the letter sent out to all members who were part of the MTI scam (Mirror trading international). I think this highlights what a shambles it is going to be as how can investors not know how many Bitcoins they invested?
The problem is no one knows how many Bitcoins have been recovered (if any) and are fighting the liquidators and also the Government for their slice. What I find incredible is how people could send Bitcoin to an address in the first place as you have just given your coins away. Not your keys not your crypto is a valid lesson for everyone that got duped by the scammers.
Another twist is there wa sanother company prior to MTI called BTC Global which has now been linked. There is another set of "investors" looking for their cut and the pie is now being cut up by so many parties all wanting a piece.
I find it crazy that the Government says it doesn't recognise Bitcoin, but are willing to confiscate everything as it was not legal. They are preaching on the one side saying they are putting in strong regulations to prevent people from losing money and on the other side making sure they take what they can. This is having your cake and eating it showing everyone they don't care about protecting anyone but themselves. If the fund was only a few million they wouldn't bother but knowing it is 100's of millions they are all over it like a rash as if it was their money.
Many of these people who got involved have no understanding about crypto otherwise you wouldn't do what they did. These are not investors as such but more like greedy get rich quick chancers that got burned. My friend who invested in this company scheme fits that stereo type as he never listened to my warnings. He listens now but it is way too late as the damage has been done already.
I see Ukraine legalised Bitcoin today which can now protect "investors" like this in a court of law which up until now they had no jurisdiction. I do believe it is a matter of time before this happens world wide as cryptocurrencies are not going away. By having no regulation with the laws they are openly saying to the criminals you can do what you want as we don't have any laws to punish you by.
It will be good to see what the regulations are going to be which are expected before the end of this year. They need to amend taxes and civil codes so things become a lot clearer. They have taken a giant step forward and other countries like South Africa will be looking on with wide eyes as this is not something they really want to do. Once you have accepted crypto there is no turning back and there is no turning back even if you haven't lol. It is way too late for delay tactics as the horse ran away a long time ago.
I still can't believe we still have so many grey areas as no one knows what is legal and illegal anymore. if you don't recognise it then why are there so many laws such as it is illegal to buy on an exchange outside the country? The governments are making it more confusing as they are changing the laws to suit themselves and will change them again if those don't work.
This MTI claim fighting with the liquidators should be clear cut as for what I can gather there is very little owing to any other 3rd party except to the people who sent their Bitcoins. This is the Government interfering to see how much they can steal for themselves. The idea they are looking out for their people and protecting them is such a joke and they can't fool anyone.