Brazilian police arrested MTI crypto pyramid founder

Johann Steinberg is accused of fraud of $920 million

11.01.2022 - 07:10

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What’s new? According to the local media reports, the Brazilian military police conducted a successful operation to detain and arrest Johann Steinberg. He has been charged with creating the bitcoin pyramid scheme Mirror Trading International (MTI), which has affected over 170 000 people.

News source in the Brazilian media

What is known about the Steinberg case? According to the police, the pyramid scheme’s founder promised investors a minimum return of 120% per annum. In doing so, Steinberg misled his clients and embezzled their funds. The MTI creator's fraudulent actions resulted in $920 million in damages.

Johann Steinberg was placed on an international wanted list in 2019 and was found on January 10, 2022, in the Brazilian city of Goiânia, where he was living under false documents. The criminal is currently under investigation and the police are working out all the circumstances of the case for referral to the court and sentencing.

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