Alberta Court clears path for Mirror Trading clawback process

South African crypto operator Mirror Trading International (Pty) Ltd. had a receiver appointed over its Canadian assets on April 15, 2026 on application by its South African liquidator, opening the door to a centralized Canadian recovery process targeting investors alleged to have profited from the company’s Bitcoin-based Ponzi scheme.

Mirror Trading International, known as MTI, was placed into liquidation in South Africa after soliciting Bitcoin from investors with promises of unusually high returns and referral bonuses for recruiting new participants. The operation was a “Ponzi-type” scheme in which some participants received more than they invested while others suffered losses or recovered nothing.

The company’s liquidators have pursued recoveries globally. MTI had investors in 234 countries, with recovery efforts contemplated in 90 jurisdictions and recognition orders obtained in 13 jurisdictions, including Canada. The liquidators said they had instituted or intended proceedings against 754 investors seeking return of 3,633 Bitcoin.

The Canadian enforcement strategy ran into procedural obstacles. In summer 2024, the liquidators began 19 Alberta clawback suits against defendants living in several provinces. Some cases settled, some produced default judgments totaling more than $31 million, and others stalled amid jurisdiction fights and early-stage discovery disputes. One Quebec defendant obtained a stay after the court found insufficient connection to Alberta.

As a result, a receiver was sought over the Canadian assets so that a single Canadian claims process could be held, which was thought to be more efficient and less costly than the 19 separate Alberta lawsuits already launched against 31 Canadian defendants.

The Court granted the receivership order but stopped short of immediately approving the liquidators’ proposed claims mechanism. Instead, the receiver is empowered to investigate and propose a detailed process addressing several unresolved issues, including treatment of existing lawsuits, default judgments, prior litigation costs, valuation of Bitcoin claims, defenses raised by defendants, French-language accommodations, and coordination with South African proceedings.

GlassRatner is the receiver. Counsel is Stikeman Elliott for the liquidator/foreign representative, and Carscallen, Bryan & Company, Wilson Laycraft and Goodfellow & Schuett Law for various respondents.