Blockchain analysis firm, Chainalysis’ latest crime report has named Mirror Trading International (MTI) as the biggest cryptocurrency scam of 2020. Chainalysis arrived at this conclusion after an investigation found that MTI had taken in $589 million from more than 471,000 deposits. According to the report, MTI’s haul is significantly higher than that of Forsage and J-enco, the next biggest scams. Both scams raked in less than $350 million each.

More South African Victims

Meanwhile, in the report’s brief focus on MTI, Chainalysis reveals that more than half of MTI’s web traffic had originated from South Africa. On the other hand, Canada, Mexico, the United Kingdom and the U.S together account for nearly a quarter of the remaining web traffic. Using this web traffic data, the blockchain analysis firm concludes that “most MTI victims hail from these countries in similar proportions as well.”

Separately, the blockchain analysis firm’s report also found that the BTC that was sent to MTI came “primarily from exchanges.” The so-called self-hosted wallets were also used. The report then details how MTI resorted to using a popular gambling service to launder investor funds. The report explains:

Perhaps most interesting is MTI Club’s apparent usage of a popular cryptocurrency gambling service as a money laundering and cash out mechanism. The platform is the biggest risky destination of MTI funds by volume, having received $39 million worth of cryptocurrency from the scam in 2020.

As noted by one venture capitalist Dovey Wan, this use of gambling platforms has become “a common money laundering technique for many cybercriminals who use cryptocurrency.” This is because gambling platforms can be “used similarly to mixers to obscure the origins and flows of illicitly-obtained funds.”

How MTI Lured Its Victims

As has been reported by news.Bitcoin.com, MTI succeeded in luring unsuspecting victims by promising consistent daily returns of 0.5%. This rate of return would translate to “yearly gains of 500%.” On its website, MTI claimed that these high returns were guaranteed by “its AI-powered foreign exchange trading software.”

However, MTI’s unrealistic promises soon led to scam allegations. Initially, executives of MTI denied allegations they were operating a multi-level marketing scam after regulators in the U.S. and South Africa pounced on the company. Still, sometime after the Financial Sector Conduct Authority (FSCA) raided homes of some MTI executives, reports emerged of investors failing to withdraw their funds. As pressure grew, CEO Johann Steynberg eventually disappeared with investors funds. This ultimately led to the collapse of MTI.

In the meantime, the Chainalysis crime report concludes that the MTI scam is one good example of “why the industry must spread the word that algorithmic trading platforms promising unrealistically high returns are nearly always scams.” The report also says that cryptocurrency exchanges and other services must “discourage users from sending funds to those addresses or at least warn them that financial losses are highly likely.”

Technology has changed the way people work, communicate, shop and even purchase goods.  With the short wave of a smartphone, consumers pay for items at digital registers.

There is no denying that in the past few years the cryptocurrency market has grown and become more popular than ever. Many investors had their expectations exceeded and crypto enthusiasts are continuously on the rise. This has led to a whole range of cryptocurrencies to emerge. While Bitcoin and Ethereum remain the top ones, there are also several others which promise a good return on investment and many investors feel that they can trade with confidence following continued good returns.

Cryptocurrency money is a type of installment that can be traded online for merchandise and ventures. Cryptocurrency investment speculation is certainly not a completely new idea; nonetheless, it has gotten more mainstream as of late as digital currency’s prominence has expanded, and Bitcoin has seen more acknowledgment in the world. Individuals contribute by utilizing digital money through site and applications.

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The quality cryptocurrency to make investments in is going to depend on your own, non-public preferences, and ordinary financial situation. Are you searching to invest short-term, or long-term? Do you like to hazard a lot, or play it as protected as possible? What about the expenditures – do you design to make investments a lot of money, or do you solely possess a small beginning budget? Also, every cryptocurrency is exceptional – it’s vital to put in the time and lookup to find one that will suit you best!

The largest digital asset, which has doubled in value this year 2020, pumped as much as 6% above $17,500 on Tuesday in New York trading. From an all-time high in December 2017 of nearly $20,000. It outperformed most of its 10 biggest rivals.

2020 is being a bit hectic for the markets due to all the recent events that are happening, and many investors are looking for new investment alternatives. Therefore, at this moment we bring you a new recommendation, investing in cryptocurrencies, which are assets that since their creation have experienced a great revaluation and, according to experts, will continue to have an upward trend. Therefore, we are going to explain what a cryptocurrency is, how it works, how to invest, in which cryptocurrencies to invest and which are the best in 2020.

The cryptocurrency market has become more powerful over recent years, and even despite the current situation with the Covid-19 pandemic taking its toll worldwide, there are still many people who are interested in investing in cryptocurrency. This is mainly due to the fact that the advantages attributed to decentralized finance are well known, and certainly better appreciated at this time.

Just like exchanging currency in a new country, that’s what investing in cryptocurrency is all about. Typical examples of digital currencies are Bitcoin, Litecoin, Ether, Ripple, etc.

Investing in crypto currency (even if the amount is small) can also bring great returns. In this guide, let us discuss the best cryptocurrencies to invest in 2020.

As the global economy is still hit by the huge coronavirus lockdown, speculators and part-time investors are looking for other ways to store wealth and profits. This means that more people are looking for the best cryptocurrency to invest in.