The judge in the case of the liquidation of Mirror Trading recognized bitcoins as an intangible asset

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The Cape Town Supreme Court has issued a ruling outlining how the liquidators in the Mirror Trading International (MTI) case should interpret BTC when collecting and recovering claims.

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Judge M.J. Dolamo (MJ Dolamo) ordered the liquidators to consider bitcoins as intangible assets representing property. Thus, MTI investors are deprived of the right to file claims against the platform in a monetary equivalent other than the national currency of South Africa – the rand.

The decision will come into force on 31 October. Until that time, interested parties have the right to appeal against the decision of the judicial authorities.

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The South African Financial Conduct Authority (FSCA) uncovered the criminal Mirror Trading scheme in May last year. At that time, the fictitious platform for the sale of crypto assets attracted about 260,000 people, owned 23,000 BTC and was positioned as the leading platform for trading bitcoins.

A year later, the U.S. Commodity Futures Trading Commission (CFTC) accused South African citizen Johannes Steynberg and Mirror Trading of running a multi-level marketing fraud and causing more than $1.7 billion in damages.

Source: Bits

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