Originally Syndicated on June 14, 2024 @ 4:15 pm
Henrico Hanekom is identified as a promoter of Mirror Trading International (MTI), which has been declared a pyramid scheme by the South African High Court. He is believed to be based in Pretoria, South Africa, and has a YouTube channel named “Practical Abundance” with over 3,500 subscribers. On this channel, he has actively promoted MTI and another suspected Ponzi scheme called Finiko, which is a Russian scam promising its members a 1% per day return on investment (ROI). In a YouTube video posted on October 10, 2020, titled “Am I still with MTI”? he confirmed his ongoing investment and support for MTI.
The MTI leaks revealed that Hanekom had 53 downlines and had invested R 586,689.56 of his own money into MTI. He withdrew R 2,693,674.91, which was most of his R 2,767,062.44 income from the scheme. Hanekom claims to be a “blockchain multi-millionaire,” which is suspected to be from gains through scams like MTI. Following the disappearance of Johann Steynberg, the mastermind behind MTI, Hanekom disassociated himself from MTI and scrubbed his YouTube channel of any related information, a common tactic among promoters to avoid association with collapsed scams.
The search result does not provide further personal details about Henrico Hanekom, such as his background, education, or other professional activities outside of his involvement with MTI and Finiko.
Mirror Trading International (MTI) was a South African cryptocurrency trading platform that promised automated trading services with significant returns. It was declared a pyramid scheme by the South African High Court. MTI was masterminded by Johann Steynberg, who claimed to use an artificial intelligence bot for its trading activities. However, the scheme was revealed to be fraudulent, leading to its collapse and significant financial losses for many investors.
Henrico Hanekom was a vocal promoter of MTI, residing in Pretoria, South Africa. He actively promoted MTI and another suspected Ponzi scheme called Finiko through his YouTube channel, “Practical Abundance,” which has over 3,500 subscribers. Following the disappearance of Johann Steynberg, the CEO of MTI, Hanekom disassociated himself from MTI and removed related content from his YouTube channel. This is a common tactic among promoters to avoid association with collapsed scams.
The MTI leaks showed that Hanekom had 53 downlines and had invested R 586,689.56 of his own money into MTI. He withdrew R 2,693,674.91, which was most of his R 2,767,062.44 income from the scheme. Hanekom claims to be a “blockchain multi-millionaire,” which is suspected to be from gains through scams like MTI.
The legal proceedings against MTI have been extensive, with courts in various countries, including the UK and the US, recognizing the South African liquidators overseeing the MTI bitcoin Ponzi scheme as the designated bankruptcy proceeding under their respective laws. The scheme collapsed in 2020 after its CEO went missing, and liquidators have been pursuing funds globally. The Western Cape High Court declared MTI a Ponzi scheme, and all agreements with its roughly 200,000 members void from the outset. The US Commodity Futures Trading Commission (CFTC) also ordered MTI and Steynberg to pay billions in restitution and civil monetary penalties.
Henrico Hanekom’s involvement with MTI as a promoter places him in a position of scrutiny, especially considering the legal outcomes and the scale of the fraud perpetrated by MTI. His promotion of MTI and subsequent distancing from the scheme after its collapse suggest an awareness of the fraudulent nature of the operation, although this is not explicitly stated in the search results.
More About the Mirror Trading International Scam Henrico Hanekom was Involved in:
Mirror Trading International (MTI) was a cryptocurrency investment platform founded in 2018 by Johann Steynberg in South Africa. It quickly gained attention by promising high returns on investments through the use of an advanced trading algorithm that supposedly traded Bitcoin on behalf of its members.
Key Features and Promises
- High Returns: MTI claimed it could deliver returns of up to 10% per month by using an advanced trading algorithm.
- Automated Trading: The platform marketed itself as using sophisticated software to automate Bitcoin trading, making it easy for investors to earn profits without actively managing their investments.
- Referral Program: MTI had a multi-level marketing (MLM) referral system, encouraging existing members to recruit new investors in exchange for commissions, which helped the scheme grow rapidly.
Operations and Red Flags
Despite its appealing promises, several red flags emerged over time:
- Lack of Transparency: There was minimal transparency about how the trading algorithm worked. MTI provided little evidence of actual trading activity.
- Unregulated Operations: MTI operated without regulatory oversight, which is common in many fraudulent schemes.
- Withdrawal Issues: As the scheme grew, some investors began reporting difficulties in withdrawing their funds.
Collapse of MTI
In December 2020, the scheme unraveled when Johann Steynberg disappeared, allegedly fleeing to Brazil. His disappearance coincided with a surge in withdrawal requests from investors, which MTI could not fulfill. This led to widespread panic and the eventual collapse of the scheme.
Investigations and Aftermath
Investigations by South African authorities and other international bodies revealed that MTI had been operating as a Ponzi scheme. Instead of generating profits through legitimate trading, the returns paid to existing investors were funded by the deposits of new investors. Key findings included:
- Misappropriation of Funds: It was found that a significant portion of the invested funds had been misappropriated by Steynberg and other insiders.
- False Claims: The promised trading activities and profits were largely fabricated to lure in more investors.
- Global Reach: MTI had attracted investors from around the world, amplifying the impact of its collapse.
Impact on Investors
The collapse of MTI left thousands of investors with substantial financial losses. Many victims have since sought legal recourse and assistance from fund recovery and compliance agencies to try and recover their lost investments.
Broader Implications
The MTI scam highlighted the risks associated with unregulated cryptocurrency investment platforms and the allure of high returns promised by Ponzi schemes. It underscored the importance of due diligence and regulatory oversight in the rapidly evolving cryptocurrency market.
