Bitcoin

<ul><li>A Texas court has ordered the president of a South African crypto company to pay a record-breaking $3.4 billion for orchestrating a Bitcoin fraud.</li><li>The commodity regulator brought charges against the company last year and called it the largest fraud case in history.</li><li>In June 2022, the CFTC filed a civil lawsuit against Steynberg and his company, Mirror Trading International.</li></ul>A Texas court has ordered the president of South African Mirror Trading firm, who orchestrated a Bitcoin fraud, to pay a record-breaking $3.4 billion in damages as a result of a lawsuit filed by the CFTC.The commodity regulator brought charges against the company last year and called it the largest fraud case in history.<h2 id="header-0">Details of the Decision Against the African Bitcoin Company</h2>The federal court ordered Cornelius Johannes Steynberg to pay $1.7 billion in compensation to defrauded victims. Another $1.7 billion was imposed as a civil penalty. The Commodity Futures Trading Commission (CFTC) stated that this penalty is the highest civil monetary penalty ever imposed in any commodity case.In June 2022, the CFTC filed a civil lawsuit against Steynberg and his company, Mirror Trading International. The allegations were that they operated a fake Bitcoin commodity pool worth $1.7 billion.Based on the order, the CFTC stated that the defendants were responsible for “fraud involving retail foreign exchange (forex) transactions, fraud by an associated person of a commodity pool operator (CPO), record-keeping violations, and CPO regulation violations.”Steynberg was dubbed a South African fugitive, but was arrested in Brazil that year on an INTERPOL arrest warrant. Meanwhile, Mirror Trading International is said to have been liquidated.Continue Reading: <a href="https://en.coinotag.com/cftc-throws-criminal-charges-at-ceo-of-south-african-bitcoin-trading-firm-imposes-3-4-billion-fine/" rel="noopener noreferrer nofollow">https://en.coinotag.com/cftc-throws-criminal-charges-at-ceo-of-south-african-bitcoin-trading-firm-imposes-3-4-billion-fine/</a>

CFTC Throws Criminal Charges at CEO of South African Bitcoin Trading Firm, Imposes $3.4 Billion Fine

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