Topic: Ponzi Trading Platform MTFE Collapse || $1 Billion scammed - page 2. (Read 324 times)
When it comes to ponzi schemes, poor countries or poor people are the most target market due to poor knowledge and by that, they are more prone of it believing they will get rich by doing that, sadly its the opposite. And a $1B money is just too much and its BS.
This is interesting; this MTFE ponzi scheme is not just in the aforementioned countries; it is also in some countries in Africa, Nigeria to be precise. A few days ago, my cousin's sister just hit me up on WhatsApp and said that there was somewhere they invited her for a seminar in a city somewhere in Nigeria, and they were advertising this so-called MTFE," and she was convinced enough that she wanted to invest some of her cash in it, but lucky for her, she chatted me up and asked me to check the company review. They even have a customized thank-you bag. Just by searching the name on Google, I noticed it was a Ponzi scheme, and I have to convince her that she should not spend a penny on that place as she will end up not getting back any of those.
Her luck is not even up to 72 hours as of when we have the conversation, and they are already declared scams. I just pity those who have lost their hard-earned money on this, as this was just a mistake that could have been avoided, but their ignorance and greed blindfolded them.
Her luck is not even up to 72 hours as of when we have the conversation, and they are already declared scams. I just pity those who have lost their hard-earned money on this, as this was just a mistake that could have been avoided, but their ignorance and greed blindfolded them.
am I devoid of empathy because I want to feel bad about the people who got scammed but can't, I mean, it is sad that they got scammed but shouldn't it be common sense now that if a "project" promises a "daily profit" to their customers and "no chance of losing", it is most likely a scam because it is too good to be true.
sometimes I just think that the majority of the victims know that a project is a scam but they think they can outsmart the scammers and pull out their investment before the scammers make an exit scam but fail to do so.
anyway, it's kind of funny that one of their target countries is Bangladesh where cryptocurrency is banned.
sometimes I just think that the majority of the victims know that a project is a scam but they think they can outsmart the scammers and pull out their investment before the scammers make an exit scam but fail to do so.
anyway, it's kind of funny that one of their target countries is Bangladesh where cryptocurrency is banned.
Talk about the perfect crime!
While the world was wowed by the capabilities of what AI could do, these guys went the extra mile to go with AI trading and especially that they talked about it being able to generate profits on a daily basis..it's investors were blinded by this sales pitch and forgetting that when something sounds too good to be true, then it isn't!
Hope the culprits are found using any possible physical office or local bank transfers made that could have left a money trail👣👣👣..
While the world was wowed by the capabilities of what AI could do, these guys went the extra mile to go with AI trading and especially that they talked about it being able to generate profits on a daily basis..it's investors were blinded by this sales pitch and forgetting that when something sounds too good to be true, then it isn't!
Hope the culprits are found using any possible physical office or local bank transfers made that could have left a money trail👣👣👣..
Hopefully those who have fallen victim to this MTFE scam will learn from it and focus on developing skills that will come in handy for real life earning.
There's one thing common in the Ponzi scheme. Both scammers and investors don't get changed. Scammers create one project, scam, and come up with new projects. While the investors get fucked, regret and again invest in another new Ponzi project. That's what I have been watching in the market lol.If they don't learn something this time and stop dreaming of getting rich quick, they will continue to fall prey to scams again and again.
legendary
Activity: 2156
Merit: 2100
Marketing Campaign Manager |Telegram ID- @LT_Mouse
I don't get it anymore, it's not like it's 1920 or 1970, there is the internet, there is news you can access with 1 tap, and you can inform yourself and your relatives you can ask for advice on a hundred and one websites is greed really cutting all your ability to think twice? What's worse in this collective madness, you see a fe doing it and somehow it becomes a thing of pride to go all in, it's envy someone might get rich and you don't?
Bangladesh claims there are more than 70% of people using the Internet. But most of them have zero knowledge of what the internet is. Well, it's a different discussion. I don't want to be more off-topic here.Regarding asking someone- I have been asked by 2 people. One from Bitcointalk and one from real life (my friend). I asked them how it works and they told me the details. As it totally sounds like a scam, I asked them not to invest. But the one from Bitcointalk has invested and lost.
People here in Bangladesh dream of being rich overnight. That's where the problem is.
Hopefully those who have fallen victim to this MTFE scam will learn from it and focus on developing skills that will come in handy for real life earning.
There's one thing common in the Ponzi scheme. Both scammers and investors don't get changed. Scammers create one project, scam, and come up with new projects. While the investors get fucked, regret and again invest in another new Ponzi project. That's what I have been watching in the market lol. I know many people within my friend circle who invested in MTFE and got fucked up. I had to warn them about these Ponzi schemes, and I did my job. I asked them not to invest in such fucking scam. BTW, Another ponzi scheme website Catly.io collapsed as well. They disabled selling Catly, and investors got fucked up.
I don't know why people always get attracted to earning without working hard which is not possible in reality they don't want to admit it. I used to discourage many people from investing in various mlm, ponzi, but actually they didn't care about my advice and they ended up getting scammed later. So now I don't give advice to these people. Hopefully those who have fallen victim to this MTFE scam will learn from it and focus on developing skills that will come in handy for real life earning.
Quote
The offer was tantalising enough: spend $26 a day and earn half a dollar per day in return.
So you make 50% a month!
Of course, there wasn't anything fishy about it, because AI trading, some other mumbo jumbo, and some flashy adverts!
I don't get it anymore, it's not like it's 1920 or 1970, there is the internet, there is news you can access with 1 tap, and you can inform yourself and your relatives you can ask for advice on a hundred and one websites is greed really cutting all your ability to think twice? What's worse in this collective madness, you see a fe doing it and somehow it becomes a thing of pride to go all in, it's envy someone might get rich and you don't?
Quote
Investing in foreign assets is prohibited in Bangladesh and that is why MTFE users have to buy cryptocurrency from a gray market first and then pay the platform.
Oh yeah, let's not just stop there, let's break the law a bit and let's go to some shady dealer to buy crypto and send it to a platform design to allow you to break the law, and of course when things go south, you want the law to act and save your ass!
Quote
Almost all the users in Rajshahi, Sylhet, Cumilla, Chattogram and of course in Dhaka the reporters talked to know it well that MTFE might be another app to get shut down any fine morning. They still invite others as it helps them earn more.
/the end.
hero member
Activity: 462
Merit: 767
Instant cryptocurrency exchange with own reserves!
Metaverse Foreign Exchange Group Inc Aka MTFE has successfully scammed over one billion dollars. MTFE promoted their site targeting Southeast Asia and Middle East and scammed maximum money from those countries. Among these, the countries where MTFE was the most popular are Bangladesh, Sri Lanka, India, United Arab Emirates. And they used crypto currency to execute that scam. Those who had invested in this site have now faced significant losses. This is why everyone should remember that those who dream of making quick and easy incomes end up being very bad, and MTFE is another perfect example.
Source : https://www.similarweb.com/website/mtfe.ca/#geography
https://mtfe.io/ This domain has very little data available.
Source : https://www.similarweb.com/website/mtfe.ca/#geography
https://mtfe.io/ This domain has very little data available.
Yes. It was already predicted that they would scam. No Ponzi schemes and MLM Companies will last more than a few weeks. But people fall into their trap because they offer high returns within a short period of time. Some people thought it was not a Ponzi scheme because the platform introduced a new technic: Fake AI trading. One of my friends invited me, and she told me that AI would trade for you, and you would profit from trading. I told her that there was no guarantee that AI would make a profit.
I know many people within my friend circle who invested in MTFE and got fucked up. I had to warn them about these Ponzi schemes, and I did my job. I asked them not to invest in such fucking scam. BTW, Another ponzi scheme website Catly.io collapsed as well. They disabled selling Catly, and investors got fucked up.
Metaverse Foreign Exchange Group Inc Aka MTFE has successfully scammed over one billion dollars. MTFE promoted their site targeting Southeast Asia and Middle East and scammed maximum money from those countries. Among these, the countries where MTFE was the most popular are Bangladesh, Sri Lanka, India, United Arab Emirates. And they used crypto currency to execute that scam. Those who had invested in this site have now faced significant losses. This is why everyone should remember that those who dream of making quick and easy incomes end up being very bad, and MTFE is another perfect example.
Source : https://www.similarweb.com/website/mtfe.ca/#geography
https://mtfe.io/ This domain has very little data available.
Source : https://www.similarweb.com/website/mtfe.ca/#geography
https://mtfe.io/ This domain has very little data available.
hero member
Activity: 462
Merit: 767
Instant cryptocurrency exchange with own reserves!
What happened:: Ponzi MLM Trading platform mtfe collapsed their business scamming approx 1 billion dollars of it's customers. They were offering a high return on investment from fake AI trading. They promised their users that their AI will make profit everyday and there are no chance to lose. Their main target country was Bangladesh and 90% the scammed money from Bangladeshi people. Bangladeshi National news portals reported;
News worth reading: https://www.tbsnews.net/bangladesh/crime/ponzi-trading-app-mtfe-collapses-tens-thousands-lose-everything-684958
Scammers Profile Link: None
Reference Link: https://mtfe.io https://mtfe.ca
Amount Scammed: $1 Billion Approx
Payment Method: Unknown
Proof of Payment: N/A
PM/Chat Logs: N/A
MTFE, a Dubai-based multilevel marketing or MLM Ponzi model business, has shut down its business by escaping with around $1 billion or around Tk 11,000 crore in the name of investing in cryptocurrency. Cyber analysts believe that about 90 percent of the $1 billion is from Bangladeshi investors.
News worth reading: https://www.tbsnews.net/bangladesh/crime/ponzi-trading-app-mtfe-collapses-tens-thousands-lose-everything-684958
MTFE, an online Ponzi scheme disguised as an opportunity to trade in international financial markets, collapsed, leaving tens of thousands across the country penniless.
Issues began with a so-called system upgrade two weeks ago. Users have been unable to withdraw any money since then, and on Thursday night, the virtual accounts of almost all users went negative. The unregulated broker claimed to have incurred gigantic losses in the automated trading it pursued on behalf of clients.
An app offering opportunities to trade crypto, forex, commodities, and even foreign stocks in its shadow platform, the MTFE recently spread like fire. The platform pretending to earn and pay back from trading offers unbelievably easy money to users. The offer was tantalising enough: spend $26 a day and earn half a dollar per day in return. Keep the app open for half an hour a day to let the system run the supposed trade. For a winning trade, earns half a dollar and for losing, the penalty is equal. The catch is one earns more than $2 as soon as someone new joins the platform with their reference — the textbook way of how a Ponzi scheme works.
The MTFE app available on the Google Play Store, which reached people even in upazilas, asks customers to practice trading in the simulation platform and own the profit or loss made.
Predictably, almost everyone opts for the other offer called the robotic trading service MTFE provides, which has been showing to be more profitable days than losing ones. Several thousand people from Banaripara Upazila of Barishal have invested at least Tk50 crore in total in MTFE. Investing in foreign assets is prohibited in Bangladesh and that is why MTFE users have to buy cryptocurrency from a gray market first and then pay the platform. Again when they are paid back, the platform gives them crypto currency which the Bangladeshi MTFE users convert to dollars first and then into local currency.
People barely needed the reverse process as they only kept pouring more into the platform at any cost, said more than a dozen MTFE users who dream to grow big and become salaried team leaders of the cyber company that no one can reach if the app stops.
Almost all the users in Rajshahi, Sylhet, Cumilla, Chattogram and of course in Dhaka the reporters talked to know it well that MTFE might be another app to get shut down any fine morning. They still invite others as it helps them earn more.
One such user in Barishal has over Tk2 crore invested through the app.
The MTFE users in the district's Banaripara often meet to celebrate their "success". A Facebook page of MTFE users has nearly fifty thousand members.
Issues began with a so-called system upgrade two weeks ago. Users have been unable to withdraw any money since then, and on Thursday night, the virtual accounts of almost all users went negative. The unregulated broker claimed to have incurred gigantic losses in the automated trading it pursued on behalf of clients.
An app offering opportunities to trade crypto, forex, commodities, and even foreign stocks in its shadow platform, the MTFE recently spread like fire. The platform pretending to earn and pay back from trading offers unbelievably easy money to users. The offer was tantalising enough: spend $26 a day and earn half a dollar per day in return. Keep the app open for half an hour a day to let the system run the supposed trade. For a winning trade, earns half a dollar and for losing, the penalty is equal. The catch is one earns more than $2 as soon as someone new joins the platform with their reference — the textbook way of how a Ponzi scheme works.
The MTFE app available on the Google Play Store, which reached people even in upazilas, asks customers to practice trading in the simulation platform and own the profit or loss made.
Predictably, almost everyone opts for the other offer called the robotic trading service MTFE provides, which has been showing to be more profitable days than losing ones. Several thousand people from Banaripara Upazila of Barishal have invested at least Tk50 crore in total in MTFE. Investing in foreign assets is prohibited in Bangladesh and that is why MTFE users have to buy cryptocurrency from a gray market first and then pay the platform. Again when they are paid back, the platform gives them crypto currency which the Bangladeshi MTFE users convert to dollars first and then into local currency.
People barely needed the reverse process as they only kept pouring more into the platform at any cost, said more than a dozen MTFE users who dream to grow big and become salaried team leaders of the cyber company that no one can reach if the app stops.
Almost all the users in Rajshahi, Sylhet, Cumilla, Chattogram and of course in Dhaka the reporters talked to know it well that MTFE might be another app to get shut down any fine morning. They still invite others as it helps them earn more.
One such user in Barishal has over Tk2 crore invested through the app.
The MTFE users in the district's Banaripara often meet to celebrate their "success". A Facebook page of MTFE users has nearly fifty thousand members.
Scammers Profile Link: None
Reference Link: https://mtfe.io https://mtfe.ca
Amount Scammed: $1 Billion Approx
Payment Method: Unknown
Proof of Payment: N/A
PM/Chat Logs: N/A
Jump to: