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Mirror Trading International
Mirror Trading International (MTI), declared a pyramid scheme by the South African High Court, was a cryptocurrency trading platform promising automated trading services with significant returns. MTI was masterminded by Johann Steynberg, who claimed to use an artificial intelligence bot for its trading activities. MTI faced intense scrutiny and legal challenges, particularly from South African authorities, who alleged that it was operating as a fraudulent scheme. MTI's unraveling led to its eventual collapse, the arrest of key figures, and significant financial losses for many investors. The scheme involved 100,000 people from 140 countries. Timeline Timeline of Mirror Trading International: 2019: MTI was launched in South Africa as an automated bitcoin trading platform, offering significant returns to investors through a trading bot. 2020: Membership in MTI experienced a significant increase, especially due to its network marketing model. In September 2020, vulnerabili ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Private Company
A privately held company (or simply a private company) is a company whose Stock, shares and related rights or obligations are not offered for public subscription or publicly negotiated in their respective listed markets. Instead, the Private equity, company's stock is offered, owned, traded or exchanged privately, also known as "over-the-counter (finance), over-the-counter". Related terms are unlisted organisation, unquoted company and private equity. Private companies are often less well-known than their public company, publicly traded counterparts but still have major importance in the world's economy. For example, in 2008, the 441 list of largest private non-governmental companies by revenue, largest private companies in the United States accounted for $1.8 trillion in revenues and employed 6.2 million people, according to ''Forbes''. In general, all companies that are not owned by the government are classified as private enterprises. This definition encompasses both publ ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
South Africa
South Africa, officially the Republic of South Africa (RSA), is the Southern Africa, southernmost country in Africa. Its Provinces of South Africa, nine provinces are bounded to the south by of coastline that stretches along the Atlantic Ocean, South Atlantic and Indian Ocean; to the north by the neighbouring countries of Namibia, Botswana, and Zimbabwe; to the east and northeast by Mozambique and Eswatini; and it encloses Lesotho. Covering an area of , the country has Demographics of South Africa, a population of over 64 million people. Pretoria is the administrative capital, while Cape Town, as the seat of Parliament of South Africa, Parliament, is the legislative capital, and Bloemfontein is regarded as the judicial capital. The largest, most populous city is Johannesburg, followed by Cape Town and Durban. Cradle of Humankind, Archaeological findings suggest that various hominid species existed in South Africa about 2.5 million years ago, and modern humans inhabited the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ponzi Scheme
A Ponzi scheme (, ) is a form of fraud that lures investors and pays Profit (accounting), profits to earlier investors with Funding, funds from more recent investors. Named after Italians, Italian confidence artist Charles Ponzi, this type of scheme misleads investors by either falsely suggesting that profits are derived from legitimate business activities (whereas the business activities are non-existent), or by exaggerating the extent and profitability of the legitimate business activities, leveraging new investments to fabricate or supplement these profits. A Ponzi scheme can maintain the illusion of a sustainable business as long as investors continue to contribute new funds, and as long as most of the investors do not demand full repayment or lose faith in the non-existent assets they are purported to own. Some of the first recorded incidents to meet the modern definition of the Ponzi scheme were carried out from 1869 to 1872 by Adele Spitzeder in German Empire, Germany and ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cryptocurrency
A cryptocurrency (colloquially crypto) is a digital currency designed to work through a computer network that is not reliant on any central authority, such as a government or bank, to uphold or maintain it. Individual coin ownership records are stored in a digital ledger or blockchain, which is a computerized database that uses a consensus mechanism to secure transaction records, control the creation of additional coins, and verify the transfer of coin ownership. The two most common consensus mechanisms are proof of work and proof of stake. Despite the name, which has come to describe many of the fungible blockchain tokens that have been created, cryptocurrencies are not considered to be currencies in the traditional sense, and varying legal treatments have been applied to them in various jurisdictions, including classification as commodities, securities, and currencies. Cryptocurrencies are generally viewed as a distinct asset class in practice. The first cryptocu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pyramid Scheme
A pyramid scheme is a business model which, rather than earning money (or providing Return on investment, returns on investments) by sale of legitimate product (business), products to an end consumer, mainly earns money by recruiting new members with the promise of payments (or services). As the number of members multiplies, recruiting quickly becomes increasingly difficult until it is impossible, and therefore most of the newer recruits do not make a profit. As such, pyramid schemes are unsustainable. The unsustainable nature of pyramid schemes has led to most countries outlawing them as a form of fraud. Pyramid schemes have existed since at least the mid-to-late 19th century in different guises. Some multi-level marketing plans have been classified as pyramid schemes. Concept and basic models In a pyramid scheme, an organization compels individuals who wish to join to make a payment. In exchange, the organization promises its new members a share of the money taken from every ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
High Court Of South Africa
The High Court of South Africa is a superior court of law in South Africa. It is divided into nine provinces of South Africa, provincial divisions, some of which sit in more than one location. Each High Court division has general jurisdiction over a defined geographical area in which it is situated. The decisions of a division are binding on magistrates' court (South Africa), magistrates' courts within its area of jurisdiction. The High Court has jurisdiction over all matters, but it usually only hears civil matters involving more than 400,000 South African rand, rand, and serious criminal cases. It also hears any appeals or reviews from magistrates' courts and other lower courts. The court and its divisions are constituted in their current form by the Superior Courts Act, 2013. They replaced the previous separate High Courts, which had in 1997 replaced the provincial and local divisions of the former Supreme Court of South Africa and the supreme courts of the TBVC states ("Bantu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Johann Steynberg
Johann, typically a male given name, is the German form of ''Iohannes'', which is the Latin form of the Greek name ''Iōánnēs'' (), itself derived from Hebrew name '' Yochanan'' () in turn from its extended form (), meaning "Yahweh is Gracious" or "Yahweh is Merciful". Its English language equivalent is John. It is uncommon as a surname. People People with the name Johann include: Mononym * Johann, Count of Cleves (died 1368), nobleman of the Holy Roman Empire *Johann, Count of Leiningen-Dagsburg-Falkenburg (1662–1698), German nobleman *Johann, Prince of Hohenzollern-Sigmaringen (1578–1638), German nobleman A–K * Johann Adam Hiller (1728–1804), German composer * Johann Adam Reincken (1643–1722), Dutch/German organist * Johann Adam Remele (died 1740), German court painter * Johann Adolf I, Duke of Saxe-Weissenfels (1649–1697) * Johann Adolph Hasse (1699-1783), German Composer * Johann Altfuldisch (1911—1947), German Nazi SS concentration camp officer executed fo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Brazil
Brazil, officially the Federative Republic of Brazil, is the largest country in South America. It is the world's List of countries and dependencies by area, fifth-largest country by area and the List of countries and dependencies by population, seventh-largest by population, with over 212 million people. The country is a federation composed of 26 Federative units of Brazil, states and a Federal District (Brazil), Federal District, which hosts the capital, Brasília. List of cities in Brazil by population, Its most populous city is São Paulo, followed by Rio de Janeiro. Brazil has the most Portuguese-speaking countries, Portuguese speakers in the world and is the only country in the Americas where Portuguese language, Portuguese is an Portuguese-speaking world, official language. Bounded by the Atlantic Ocean on the east, Brazil has a Coastline of Brazil, coastline of . Covering roughly half of South America's land area, it Borders of Brazil, borders all other countries and ter ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Western Cape High Court
The Western Cape Division of the High Court of South Africa (previously named the Cape Provincial Division and the Western Cape High Court, and commonly known as the Cape High Court) is a superior court of law with general jurisdiction over the Western Cape province of South Africa (except for the Murraysburg district which falls within the jurisdiction of the Eastern Cape Division). The division, which sits at Cape Town, consists of 31 judges led by Acting Judge President Patricia Goliath, former Acting Constitutional Court Justice. History The origins of the Western Cape Division lie in the Supreme Court of the Colony of the Cape of Good Hope, which was established on 1 January 1828 as the highest court of the Cape Colony. It was created by the First Charter of Justice, letters patent issued by George IV on 24 August 1827. Upon the creation of the Union of South Africa in 1910, the Supreme Court of the Cape Colony was transformed by the South Africa Act 1909 into the Cap ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
US Federal Bureau Of Investigation
The Federal Bureau of Investigation (FBI) is the domestic Intelligence agency, intelligence and Security agency, security service of the United States and Federal law enforcement in the United States, its principal federal law enforcement agency. An agency of the United States Department of Justice, the FBI is a member of the United States Intelligence Community, U.S. Intelligence Community and reports to both the United States Attorney General, attorney general and the Director of National Intelligence, director of national intelligence. A leading American counterterrorism, counterintelligence, and criminal investigative organization, the FBI has jurisdiction over violations of more than 200 categories of Federal crime in the United States, federal crimes. Although many of the FBI's functions are unique, its activities in support of national security are comparable to those of the British MI5 and National Crime Agency, NCA, the New Zealand Government Communications Security ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
