Asked by Juan Jacques on 11-05-2024 06:54:25
Question posted in the General Law category relating to Gauteng
Good day.
I also received a summons from the MTI liquidators.
In summary I withdrew a couple of smaller amounts totalling about R200,000 if you add it up.
However, my initial investment was about R50,000 that I kept on re-investing and withdrawing.
The total I invested added up together as MTI is doing was R250,000.
My loss is about R50,000
According to MTI I have made money as they zero the balance after each withdrawal and they are now demanding back almost a full Bitcoin.
At the price then it was about R214,000, however they want to Bitcoin or money whichever is the "greatest" which means they want more than a million from me.
I am in NO position to pay them that kind of money.
Ialready have a HUGE amount of debt to re and I cannot obtain even more debt not even the R200,000 as I cannot afford it. I am JUST surviving as it is. I also don't have assets to cover it.
Any suggestions?
If you would like to view the entire answer, you will need to either login or register a FREE account.
Disclaimer
DISCLAIMER: Advice or answers from Lawyers on South African Legal Advice are not substitutes for the proper advice of an Lawyer. South African Legal Advice is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Lawyer who assists with your question is not your Lawyer, and the response above is not to be considered to be legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains. The responses above are from individual Lawyers, not South African Legal Advice. The site and services are provided “as is”. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service.