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CFTC Secures Record $3.4 Billion Judgment in Bitcoin Fraud Case

The CFTC wins a landmark $3.4 billion lawsuit against MTI's CEO for a fraudulent Bitcoin scheme, marking the largest penalty in CFTC history.
Published on 2023-04-28

Landmark CFTC Victory in Bitcoin Fraud Case

The US Commodity Futures Trading Commission (CFTC) has achieved a historic victory with a $3.4 billion penalty in a lawsuit involving a fraudulent Bitcoin scheme. This case has set a record as the largest penalty ever ordered in any CFTC case. Cornelius Johannes Steynberg, the CEO of Mirror Trading International Proprietary Limited (MTI), was held accountable for orchestrating a fraudulent commodity pool scheme involving Bitcoin.

Court Orders Steynberg to Pay $3.4 Billion

A Texas District Court Judge, Lee Yeakel, mandated Steynberg to pay $1.73 billion in restitution to the victims of the scheme. Additionally, Steynberg faces a $1.73 billion civil monetary penalty, marking it as the highest civil monetary penalty imposed by the CFTC. This judgment highlights the seriousness of violations, including fraud in retail foreign currency transactions and non-compliance with commodity pool operator regulations.

Bitcoin's Market Performance

In a related development, Bitcoin (BTC) has experienced a 2.59% price increase over the last 24 hours, trading at $29,450.15, according to CoinMarketCap. This rise contributes to a positive weekly performance, with BTC gaining 5.48% over the week. Furthermore, BTC has strengthened against Ethereum (ETH), increasing by 0.49% as ETH recorded a 1.89% gain, trading at $1,915.89.

This landmark case reinforces the CFTC's commitment to combating fraudulent activities within the cryptocurrency market, while the recent price surge of Bitcoin underscores its volatile yet promising market dynamics.

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