MTI News

Dec 20, 2020 10:41 am

Hi ,

This information came in late yesterday from the MTI telegram channel. Honestly I don't know what to make of it. But if you're not following Telegram I need to keep you updated.

I'll share some thoughts below.

Dear Members

The last two weeks have been very difficult, and the pressure is not lessening. 

Johann Steynberg our CEO left South Africa on the 3rd of December for business. There was regular contact throughout the days with Johann providing us with updates and information.

On Monday 14th of December Johann had been processing withdrawals trying to clear the backlog. Nerina (Johann's wife) then received a communication to say he was going for some dinner & would later continue with the withdrawals. (He had processed over 3000 withdrawals prior to this message to Nerina)

Approximately 13 hours later Clynton Marks and Nerina (Johann’s wife) received an automated emergency email to say that Johann had not logged into the MTI system for 12 hours. This security protocol email provided critical info for the team to start the process of working without Johann. (Up till that point Johann was the only one with authority to deal with the broker & technical team). 

Up till today we have not heard from Johann again. We are extremely worried and a missing persons case has been filed. 

Since that mail was received the management team have been following protocols as laid out in the email, this includes working with the technical and broker teams. 

As it stands today the technical team is back on track and actively assisting us. We have provided the requested documents to the broker to establish our ownership of the account at this stage. This is a lengthy process. Unfortunately, being a weekend, we cannot expect further communication from the broker until Monday. 

During this difficult transition, we appreciate the understanding of the majority of MTI’s loyal members. We ask that there is no speculation or rumours spread, and we will share the facts as we get them.  

Kind regards

MTI Management

I have spent this morning scanning the Facebook groups and have found this. (I believe Pete is one of the top leaders).


Hi Team, I have been on the phone to Pete and just want to give you an update regarding everything:

FSCA: It is confirmed that NO case has been opened against MTI. This is another scare tactic as they are wanting people to withdraw their Bitcoin and put it back into the banking system. R7Billion is a lot of money that is "out of the system". Please remember that Bitcoin/MTI is fully decentralized and deregulated which means that no bank or government can touch it. MTI lawyers are working on it!

WITHDRAWALS: MTI are integrating the new software tonight that can do 2500 withdrawals per hour. So they are still on track with sorting all the outstanding withdrawals out.

JOHANN: There is still a management team running MTI and keeping everything functioning. We just need to hope and pray that everything is ok with Johann. In the interim everything is running as per normal.

What we need to keep in mind is that MTI only had 10 000 members in January this year. They now have just over 270 000 members. MTI hit an exponential growth curve much bigger than they ever anticipated. With growth comes pain and problems. This is the case in any business...I have been there! We just need to have faith and patience during this challenging time! Hopefully everything will be back to normal during the course of next week. Pete is confident that everything is on track! I will keep you all updated as I get info from him🙏🏼

l have given this some thought, and I do find it very unnerving, however, I don't know why MTI would put in new security protocols (the login alert) if they were planning to run. Plus the fact that they have frozen the ability to deposit while they are rectifying the system I also find reassuring.

I do have an outstanding withdrawal - and I am going to action another one today. I have seen in group conversations that people who have taken a more recent withdrawal have had their Bitcoin through (which is reassuring - but I'd rather see it for myself). My original withdrawal was right after the server swap - I will keep you updated on those.

In the meantime, I have decided to reserve judgement until I know more. Obviously, you must do what you need to do in this time. I am leaving most of my funds in, the withdrawal is only going to be for a small amount to see if it will work.

The binary bonuses did run yesterday, and will be in your MTI account.

As soon as I find out more I will update you.

Kind regards