Spagni has hired Brian Klein, a leading crypto trial attorney, to handle his case.
Liquidators will return to court in September to argue MTI should be declared a Ponzi scheme.
The Cajee brothers are still missing, along with $3.6 billion in bitcoin.
Africrypt investors were told not to inform police of the purported hack because it could slow the recovery of their funds.
Customers of Johannesburg-based bank Absa received an error message when attempting to buy crypto on Binance.
The Financial Sector Conduct Authority said it will start to regulate the crypto industry "in a phased and structured approach."
The South African Reserve Bank said it will carry out trials on different technology platforms for the study.
Crypto startup DCX Capital will apply to convert its crypto index fund EC10 into an ETF.
The company told customers withdrawals from the platform have been disabled, and they will get further details Wednesday.
The firm has urged users to withdraw holdings of other cryptocurrencies.
A looming regulatory clampdown following a major Ponzi scheme's collapse is already prompting some exchanges to flee abroad.
The South African Revenue Service is likely "ensnaring" non-compliant taxpayers, a tax consultancy said in a news report.
“At the point something becomes a Ponzi scheme, we have lost our jurisdiction,” a regulator told Bloomberg.
Placed under provisional liquidation last month, Mirror Trading had claimed to be able to offer returns of 10% a month using bots to trade clients' bitcoin.
If implemented the declaration would require crypto firms in South Africa to register as financial services providers.