U.S. regulators finally cracked down on Mirror Trading International (MTI lossen.Pays September, the Commodity Futures Trading Commission (CFTC) said the United States District Court for the Western District of Texas ordered MTI to pay $1.7 billion to victims for running a fraudulent scheme using digital assets and forex. 7.De MTI and its CEO Cornelius Steinberg were involved in an international multi-level marketing scheme that received about 30,000 Bitcoins (BTC) from at least 23,000 people in the United States, the CFTC said. According to the announcement, MTI and Steinberg promised to provide access to an unregistered commodity pool in exchange for contributions to BTC, which never materialized.Instead, MTI appropriated almost all of the money, the CFTC wrote, adding that the recent court order and the rezThe decision effectively closes the case filed by the authorities in June 2022.As Cointelegraph previously reported, MTI was temporarily eliminated at the end of 2020, after one of its managers fled the country and investors seized all the bitcoins entrusted to the company. As of January 2021, MTI claimed to have more than 260,000 members in 170 countries and that investors lost about $1 billion at the time of liquidation. MTI fraud is recognized as one of the largest financial pyramids associated with digital assets.The collapse of cryptocurrencies is saving lawyers hundreds of millions of dollars, CFTC Commissioner Christine Johnson said, I urge all members of the public to become aware of possible scams and abuses in the digital asset markets by visiting our investor advice page. He added that the Cftc has filed or settled ten fraud cases.es adds that with regard to digital assets or forex trading since June 2023, the news was due to CFTC Commissioner Caroline Pham advocating for a limited pilot program to regulate cryptocurrencies in the United States. On September 7, the Commissioner said that he plans to introduce a pilot program for digital asset Sundays and that the United States may soon need to catch up with cryptocurrency-friendly jurisdictions.On the same day, another CFTC commissioner, Summer Mersinger, also expressed concerns about enforcement actions related to decentralized financial protocols. The commissioner argued that the CFTC should work with the public and stakeholders, rather than relying primarily on enforcement actions.Collect this article as NFT to preserve this moment in history and to show your support for independent journalism in the crypto space.Magazine: Should we ban payouts made with ransomware? It's an attractive but dangerous idea