Hawks investigating whether crypto Ponzi kingpin Johann Steynberg has died

The Hawks are trying to confirm whether South African crypto kingpin Johann Steynberg , the founder and CEO of the Mirror Trading International Ponzi scheme, has died in Brazil.

Brigadier Nomthandazo Mbambo said the unit, which has been investigating fraud at MTI for the past three years, was trying to confirm and verify reports of the 40-year-old's death.Steynberg fled South Africa for Brazil in late 2020 after the spectacular collapse of the online trading platform he founded. MTI was liquidated soon thereafter.

The platform's collapse left tens of thousands of investors who bought into Steynberg's promises of lavish returns for the"little man in the street" out of pocket. The National Prosecuting Authority submitted an extradition request for Steynberg in April 2022, but little appears to have come of it. While SA authorities struggled to get Steynberg sent back home to face trial, investigations into the online trading scheme he founded were progressing in other jurisdictions.This was the highest-ever monetary penalty in the history of a case involving the Commodity Futures Trading Commission.

In South Africa, meanwhile, liquidators have been searching for between 3 000 and 10 000"missing" bitcoin that may have flowed through MTI's platform before it crashed. Who we choose to trust can have a profound impact on our lives. Join thousands of devoted South Africans who look to News24 to bring them news they can trust every day. As we celebrate 25 years, become a News24 subscriber as we strive to keep you informed, inspired and empowered.

Johann Steynberg

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