The Biggest Cryptocurrency Scam of the Year 2020 is Mirror Trading International
One of the most prominent firms responsible for running analysis on blockchains, Chainalysis has recently revealed some shocking facts. The firm has just shared the crime report for 2020 for the cryptocurrencies and has named the largest crypto-scam for the particular year.
According to the report shared by Chainalysis, Mirror Trading Instrument (MTI) has turned out to be the biggest crypto-scam in the year 2020.
The data analyzing firm has come to the conclusion after conducting an extensive investigation on the firm. The firm has revealed that Mirror Trading International (MTI) was involved in acquiring a huge amount of funds from different investors.
The stats show that there were more than 471,000 deposits made into the MTI platform in the year 2020. The deposits made were of several amounts and ended up amassing an enormous amount. Chainalysis had confirmed that through these many deposits, the firm was able to acquire $589 million from different investors.
The firm reveals that the number of funds scammed by MTI was much higher than the second and third biggest scams were able to gather from investors.
The second highest scam on the cryptocurrency platform was for Forsage that was for $350 million. The third highest scam in the list of the cryptocurrency industry is J-enco, which was also for the same $350 million amount.
The platform Chainalysis went on to confirm that majority of the deposits that MTI managed to acquire were from the South African region. The rest of the users who ended up depositing money into the MTI scam originated from countries including the U.S., U.K., Canada, and Mexico.
Chainalysis also confirmed that the victims of the other two scams were also from the same regions in the same proportion. Additionally, the firm has revealed that most of the funds generated by MTI were through Bitcoin (BTC) that were sent by the victims through numerous exchanges.
In order to transfer funds for deposits, the users also used the self-hosted wallets as well as other mediums.
On the other hand, Mirror Trading Instrument (MTI) used the cover of an online gambling platform in order to hide its money laundering activities.
Dovey Wan, who is one of the venture capitalists, also talked about the increasing usage of gambling in the cryptocurrency industry. Wan stated that over time, many cases have emerged where the scamming platforms have used the cover of gambling platforms in order to carry out money laundering activities.
The firm has also provided information as to how Mirror Trading Instrument (MTI) was able to lure investors into making deposits. The firm claimed that it was going to provide investors with daily returns of 0.5% on their investments.