GlassRatner Appointed Receiver Over Mirror Trading International’s Canadian Assets

GlassRatner Appointed Receiver Over Mirror Trading International’s Canadian Assets

Alberta Court appoints GlassRatner to Implement a Novel, Unified Claims Process in Cross-Border Crypto Insolvency case

GlassRatner Restructuring Inc. (“GlassRatner”), a North American Financial Advisory Services Firm known for its award-winning Restructuring and Litigation Support practices, has been appointed by the Court of King’s Bench of Alberta as Receiver over the Canadian assets of Mirror Trading International (“MTI”), the South Africa-based crypto platform at the center of a major Ponzi-type scheme with investors around the world.

In an order issued on April 15, 2026, Justice Marion appointed GlassRatner over cryptocurrencies disposed of by MTI to Canadian investors and all related claims against those investors. The Court also stayed 19 separate clawback actions previously launched in Alberta by MTI’s South African liquidators against 31 Canadian investors, directing GlassRatner to propose a single, court-supervised claims process in their place.

Justice Marion noted that a unified process run by a licensed trustee (aka GlassRatner) under the Court’s supervision “makes practical sense” and ‘best maximizes opportunities for the preservation of MTI’s Canadian assets”. He further found it “best ensures cooperation, comity and coordination” with the foreign proceedings in South Africa in a way the individual clawback actions could not.

A Global Recovery Effort

MTI was incorporated in South Africa in April 2019 and attracted investors worldwide by promising unrealistically high returns on Bitcoin investments through what was described as an automated trading bot.  MTI  also operated a referral/MLM structure whereby existing investors earned Bitcoin bonuses for recruiting new members.  The the scheme collapsed and MTI  was placed into final liquidation by the High Court of South Africa’s Western Cape Division in June 2021. Globally, the liquidators have instituted or intend to institute recovery procedures against 754 investors for the return of 3,633 Bitcoin under preference avoidance actions, a substantial recovery effort on behalf of MTI’s victims. Recognition applications and recovery proceedings are underway in jurisdictions including the United Kingdom, Australia, Canada, Namibia and the United States, where a Texas district court previously ordered MTI to pay US$1.7 billion in restitution.

In Canada, those claims had been met with procedural hurdles and jurisdictional challenges that threatened to slow recoveries and fragment the process across multiple Alberta proceedings.

A Novel Solution

GlassRatner, working with counsel to the foreign representative, has been instrumental in crafting a novel solution: consolidating all of the Canadian claims within a single proceeding and running a unified claims process to identify the net winners in the scheme and to pursue clawback claims against them. GlassRatner will implement that process in its capacity as receiver, under the supervision of the Alberta Court. The single proceeding structure is modelled in two recent cases, My Mortgage Auction Corp. and Re: Grozelle.

The foreign representative’s affidavit specifically highlighted GlassRatner’s specialized expertise in complex investment frauds and Ponzi schemes. Critically, it noted our association with our UK partner firm, BTG, which has a formal partnership with Chainalysis – the industry-leading blockchain analytics platform, which could prove invaluable in this case.

For more information, contact Allan Nackan