Yeah, nowadays these Ponzi scheme Scams have become very common for us. And they specifically target people from countries like (Bangladesh, India, Pakistan, Nepal, Sri Lanka) etc (Most of the Asian countries). Because these country have the largest illiterate base, rural area. Many people doesn't have any basic knowledge about internet, smartphone or crypto. They don't know about these kind of scams or what's a MLM site. They can be easily brainwashed to invest their money in these type of scams. And sometimes without even knowing they promote these scams in order to profit some money. After loosing all their money only then they realize how foolish it was for them. But the harm is already made and there is no coming back from it.
Bangladesh recently suffered the largest scam (1 Billion) after E-Movie Plan scam. The sad part is nobody really cares, by the time the authority catches the culprit (Something they can't even gather a arrest warrant, because of corruption in the justice system), the money is already gone, laundered to the foreign country. The thing that makes me angry is that people doesn't get lessons from these scams. They are greedy. The get scammed they reinvest and again gets scammed and the process goes on. It's like an infinity loop.
After some months these MLM company will change their name, looks, plans, contacts and reappear again with more alluring offers and those who got scam will invest again. That's how it's always been. They simply don't learn.
Topic: Ponzi Trading Platform MTFE Collapse || $1 Billion scammed (Read 324 times)
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Most of them knew this platform would scam them. But they wanted to be a smart ass. If you ask them why did you invest there even though you know they will scam you? The answer they give you is; we thought they would run for a few more months. We were planning to get the profit and exit before they exited. LOL. Can you imagine how dumb they are? Another reason is MLM. They get commissions from each people they refer. Half of them were scammed before, and half of them were scammed for the first time. They will invest again if the new platform offers such profit. Idiots!
So some wanted to be smarter than scammers, and others just hoped that the scheme would last as long as possible and that they would manage to make a profit before everything collapsed. Unfortunately, the winner in that game has already been decided in advance, and maybe this was a strong enough lesson for many, and they will never think of repeating something similar.
The Similar thing happened before and look at the recent case. No one cares! Because the generation is changing and new people are entering cyberspace without knowing the previous cases. Half of the people invested in it were aware of previous scams, and half did not. There was a company in Bangladesh named "Destiny 2000 Limited", and it was founded back in 2000. They scammed Millions of dollars of these innocent poor people and put the authority of this company in jail, but no money was recovered. Other companies were named, Jubok, 2Like, Evaly, E-orange and many more. They were fooled hundreds of times.
Nah, bro. The minimum package there was $500 to get a level. I believe you know how big is $500 for a person who lives in 3rd world country. People sold their goods, sold their land, sold their cows, goats, and chickens to invest. Some of them invested their life savings. Some take loans from banks and NGOs. Can you imagine how hard they were fucked?
Now that whole story sounds even more incredible to me, because I thought it was a much smaller amount, but $500 is just a little less than the minimum wage in my country, so I don't understand how people can be so naive to sell something that literally means life to them to gamble. I don't know if there is any chance that someone will catch this scammer and that at least part of the money will be returned to the victims?
A whole country's peoples saving in NGOs are around $4 Billion (Banks are excluded). I guess you can imagine now how big is $1 Billion for them. The alleged owner says on Facebook Live that he is not the owner. He is one of the CEO among hundreds of others. Currently, he is in Dubai, and Bangladesh cannot do anything to catch him. BTW, $500 is the minimum to get the level, but I just learned that people could have invested less, but that makes less money.
Bruh, this is beyond anything I can describe in words.
To be completely honest I wish I hadn't even read it, I have now a hundred images in my mind I will probably never be able to erase.
I understand the feelings. I might blame them for being stupid. But living in the 3rd world country is not easy—unemployment everywhere, inflation rocketing high, and they don't know what to do with their tiny savings. People are looking for jobs in the middle east and other countries, and it's common here to sell goods and even land to get a job. To be completely honest I wish I hadn't even read it, I have now a hundred images in my mind I will probably never be able to erase.
Most of them knew this platform would scam them. But they wanted to be a smart ass. If you ask them why did you invest there even though you know they will scam you? The answer they give you is; we thought they would run for a few more months. We were planning to get the profit and exit before they exited. LOL. Can you imagine how dumb they are? Another reason is MLM. They get commissions from each people they refer. Half of them were scammed before, and half of them were scammed for the first time. They will invest again if the new platform offers such profit. Idiots!
So some wanted to be smarter than scammers, and others just hoped that the scheme would last as long as possible and that they would manage to make a profit before everything collapsed. Unfortunately, the winner in that game has already been decided in advance, and maybe this was a strong enough lesson for many, and they will never think of repeating something similar.
Nah, bro. The minimum package there was $500 to get a level. I believe you know how big is $500 for a person who lives in 3rd world country. People sold their goods, sold their land, sold their cows, goats, and chickens to invest. Some of them invested their life savings. Some take loans from banks and NGOs. Can you imagine how hard they were fucked?
Now that whole story sounds even more incredible to me, because I thought it was a much smaller amount, but $500 is just a little less than the minimum wage in my country, so I don't understand how people can be so naive to sell something that literally means life to them to gamble. I don't know if there is any chance that someone will catch this scammer and that at least part of the money will be returned to the victims?
Most of them knew this platform would scam them. But they wanted to be a smart ass. If you ask them why did you invest there even though you know they will scam you? The answer they give you is; we thought they would run for a few more months. We were planning to get the profit and exit before they exited. LOL. Can you imagine how dumb they are?
This thing alone is of no surprise, my previous reaction of anger was to those who pulled others into this, not that I don't understand the ones that think they can game the scam.
We had a period of Ponzi schemes right here on this forum, just go here:
https://bitcointalk.org/index.php?board=207.3880
and check the titles:
People sold their goods, sold their land, sold their cows, goats, and chickens to invest.
Bruh, this is beyond anything I can describe in words.
To be completely honest I wish I hadn't even read it, I have now a hundred images in my mind I will probably never be able to erase.
I wonder very much how many people know about the risk but participate anyway, versus those who genuinely think that the platform will make them rich?
Hearing of high profit return, usually one can act impulsively. In addition, this kind of platform won't provide information about business risks related to their scheme, only attaching risks that aren't too relevant and even then written somewhere hidden.One of the dark contents of AI that can be introduced in one way, one of which is as a money-making machine in poor countries.
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It just fascinates me that such things are constantly repeated as if no one learns anything from their mistakes, and people usually become very cautious when someone scams them, especially if it involves a significant sum of money.
Most of them knew this platform would scam them. But they wanted to be a smart ass. If you ask them why did you invest there even though you know they will scam you? The answer they give you is; we thought they would run for a few more months. We were planning to get the profit and exit before they exited. LOL. Can you imagine how dumb they are? Another reason is MLM. They get commissions from each people they refer. Half of them were scammed before, and half of them were scammed for the first time. They will invest again if the new platform offers such profit. Idiots! Quote
Could it be that a lot of people invest relatively small amounts individually, so even though the total amount is huge, for the individual it is still not something that will prevent him from repeating the same thing in the future?
Nah, bro. The minimum package there was $500 to get a level. I believe you know how big is $500 for a person who lives in 3rd world country. People sold their goods, sold their land, sold their cows, goats, and chickens to invest. Some of them invested their life savings. Some take loans from banks and NGOs. Can you imagine how hard they were fucked? ~snip~
FYI, People from this country were fooled multiple times, and Pyramid schemes work great there. What a fucking nation we are.
FYI, People from this country were fooled multiple times, and Pyramid schemes work great there. What a fucking nation we are.
It just fascinates me that such things are constantly repeated as if no one learns anything from their mistakes, and people usually become very cautious when someone scams them, especially if it involves a significant sum of money. Could it be that a lot of people invest relatively small amounts individually, so even though the total amount is huge, for the individual it is still not something that will prevent him from repeating the same thing in the future?
However, don't think that such things happen only in your country, there are such things all over the world, only a lot of it does not get media attention or remains within the framework of a certain country. Recently, an "expert" for crypto investments in my country disappeared with 70 million EUR, and now he is hiding in some hole and no one can or wants to find him.
This twitter account is trying again to scam investors scammed by MTFE! There are some scammers who come up with different tactics to scam investors again which we have seen in the crypto market during the Luna and Ftx incident. So those who have been scammed by MTFE should trust this scammer and not get scammed again.
different tactic every day. By making this kind of post, those scam victims will want to do anything possible in order to get their lost money back, and such a desperate set of people are the target of these scammers, as they will not want to verify any of the information and might just rush and do whatever they are asked to do. and for the scammer to make a public announcement of 15% payable tax before reclaiming their funds is just a clear strategy of scamming the scammer with another 15% added to the amount they have initially lost. I just hope they learn; if not, we will still hear another story of fresh victims added to the previously scammed, and the scam amount recorded will be topped up.
Sigh. It doesn't matter how many of these scams collapse, more of them appear and get funded exorbitantly. I wonder very much how many people know about the risk but participate anyway, versus those who genuinely think that the platform will make them rich? Every time there is a scam like this, we never learn more about the victims and why they fell for the scam. Only this will help to find and stop the problem, or create an adversary for the scammers. In my opinion though, I think that majority of the business are knowing promoters and users, and that the ones who are scammed just become those promoters and users when their promoter tells them about a new one.
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Indeed, The owner of MTFE was revealed by several daily news portals in Bangladesh. The owner is Bangladeshi himself. But he lived in Dubai and operated his business from there. Bangladeshi Newspaper Kalbela online reported that the owner of MTFE name is Masud Al Islam, and he is from Comilla, Bangladesh. This scammer successfully scams $1 billion dollars using MTFE.
This news portal also reported that more than four hundred CEO of MTFE are under observation of CID. They collecting the cyber footprint of these CEOs who actually operated this business locally.
FYI, People from this country were fooled multiple times, and Pyramid schemes work great there. What a fucking nation we are.
This news portal also reported that more than four hundred CEO of MTFE are under observation of CID. They collecting the cyber footprint of these CEOs who actually operated this business locally.
FYI, People from this country were fooled multiple times, and Pyramid schemes work great there. What a fucking nation we are.
~snip~
People here in Bangladesh dream of being rich overnight. That's where the problem is.
People here in Bangladesh dream of being rich overnight. That's where the problem is.
People all over the world have similar dreams, but it is more than obvious that in some parts of the world you can deceive people much easier than in others. It is not only a question of the naivety of ordinary people, but also the obvious ineffectiveness of those who, from the position of the authorities, should protect them from becoming victims of such scams.
But on the other hand, even when governments or banks in some way limit or warn about caution when investing in such things, people mostly experience it as something negative. If we start from the fact that everyone is responsible for what they do with their money, then it is a logical conclusion that everyone should take responsibility for everything that results from such actions.
The question arises, will all these people learn something from this case, or will they be naive again when they see a new "great opportunity"?
I remember almost a year ago, an Indian carried out the same fraud, and before that some of them were arrested on charges of fraud and imprisoned. Therefore, if the number of people in Bangladesh is large, it is better to make it a public opinion issue, and then some lawyers may file cases and try to imprison these scammers.
https://www.thehindu.com/news/international/three-indians-get-517-year-jail-in-uae-for-multi-million-dollar-fraud/article23505051.ece
What makes me angry is that those who fall victim to this scam are the ones who consider $500 an amount that could change his life, yet he pays it in the hope of getting rich quickly.
https://www.thehindu.com/news/international/three-indians-get-517-year-jail-in-uae-for-multi-million-dollar-fraud/article23505051.ece
What makes me angry is that those who fall victim to this scam are the ones who consider $500 an amount that could change his life, yet he pays it in the hope of getting rich quickly.
This twitter account is trying again to scam investors scammed by MTFE! There are some scammers who come up with different tactics to scam investors again which we have seen in the crypto market during the Luna and Ftx incident. So those who have been scammed by MTFE should trust this scammer and not get scammed again.
I wonder which government will take report of a ponzi runner serious and only blinded and gullible victims of this scam will fall for this further, i wonder how people think actually believing such a glaring scam scheme like MTFE, and the funny thing is that this company has a 3-star review on Trustpilot, which go further to show how misleading and untrustworthy online reviews platforms can be, and at this point we all need to believe in our own research and follow our instincts remain skeptical about any investment that promised fixed and high returns.Checking all MTFE modes of operations you will discover that there are a lot of red lights for the victims to have noticed what was happening with their so-called AI trading was an attempt to deceive victims into investing in the Ponzi the name of trading with the capital,
This twitter account is trying again to scam investors scammed by MTFE! There are some scammers who come up with different tactics to scam investors again which we have seen in the crypto market during the Luna and Ftx incident. So those who have been scammed by MTFE should trust this scammer and not get scammed again.
Twitter : https://twitter.com/mtfe_io
Twitter : https://twitter.com/mtfe_io
oh, This is something very bad to hear. almost week ago, my brother introduce me this project to research because he wanted to invest in it. When i checked their package and profit criteria, I remembered all those Ponzi projects scammed in past. My cousin was also ready to buy 500$ package and Thanks God that they haven't invested in thia ponzi project.
I think Pakistan and Bangladesh are the main countries who are scammed. Unfortunately Pakistani CEO of MTFE is one kilometer away from our house. His monthly salary was 1000$ and he has 800 referel. According to his, he was earning daily 8000$. Many users who even don't know how to deposit and withdraw invested on behalf of this CEO and he was making withdraw and deposit for people.
Somedays ago when withdraw stopped, my cousin ask CEO about withdraw, he told that he recieved hos withdraw and others will also recieved but after two days it clear that project ran away. Now he has to give all users fund because he announced that anyone use his referel code, he will responsible for capital investment. I think this will be easy for him because most of the user withdrawn capital but problem is that when you recieved withdraw, Greed will force you to invest more. Let's see what happened next but these greedy people will never recover and will invest in another ponzi schemes without any research.
I think Pakistan and Bangladesh are the main countries who are scammed. Unfortunately Pakistani CEO of MTFE is one kilometer away from our house. His monthly salary was 1000$ and he has 800 referel. According to his, he was earning daily 8000$. Many users who even don't know how to deposit and withdraw invested on behalf of this CEO and he was making withdraw and deposit for people.
Somedays ago when withdraw stopped, my cousin ask CEO about withdraw, he told that he recieved hos withdraw and others will also recieved but after two days it clear that project ran away. Now he has to give all users fund because he announced that anyone use his referel code, he will responsible for capital investment. I think this will be easy for him because most of the user withdrawn capital but problem is that when you recieved withdraw, Greed will force you to invest more. Let's see what happened next but these greedy people will never recover and will invest in another ponzi schemes without any research.
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👣👣👣..
And in a sense they, the scammers, really take advantage of the so called AI revolution.
However, it's very sad that there are victims even at this age that this is very clear a ponzi scheme in the beginning and yet people fall for it specially in Bangladesh. And this is another expensive lessons not just for those who fell victim to it, but for those who think that they can make easy profit with those enticing too good to be true offer. And so it's going to be cyclical and for sure as of this very moment, this criminals are thinking and creating the same blue print to scam crypto or non crypto individual and put up another Ponzi scheme model.
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If they don't learn something this time
They will never learn. In my country, there was Evaly which scammed a lot of people. Their business model was different though. They were selling products at huge discounts, almost at half price at the beginning. But the condition was, you will get the product after 3/4 months, and sometimes, no product but a refund. They have run the project for a long until govt found a lot of illegal activities and complain against them. The project was paused as expected and govt couldn't recover the money from the owner.But these stupid people again invested in similar new sites in the hope of getting a product at a discount. Most of them were scammed. That's why I said they will never learn.
Not true, Herbalife is making billions in USA and the federal government can't do a thing about them MLM and Ponzi schemes grow where there are people that you can recruit into it, it doesn't matter if it's from a third-world country or not, scummy business like these trading platform will sprout and thrive no matter what.
Most and Only are two different things. When i said most, it doesn't mean all of the countries. Of course, even in place and as large as US, crimes such as this is not impossible, obviously. 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.
Not true, Herbalife is making billions in USA and the federal government can't do a thing about them MLM and Ponzi schemes grow where there are people that you can recruit into it, it doesn't matter if it's from a third-world country or not, scummy business like these trading platform will sprout and thrive no matter what.How they pull off these scheme of trading as if it's really an AI is something, they really planned this from the start for sure, that kind of money won't be stolen by measly strategies and in a way you've got to admire their gall to be able to do some heinous shit like this, hopefully the people behind the MTFE identified because justice needs to prevail in this situation.
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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.
This is an interesting part. How do they know that? Well, because some people have knowledge about it. I told my friends that this platform would collapse with all their money. I believe everybody hears that from their friends. Nobody would say to me about their investment if they did not want to invite me. One of my friends wanted me to invest, and that's why she discussed it with me. She tried hard to convince me because she wanted some commission. That's how it's spread.
The problem is the majority of them did not know that those platforms may scam while others were expecting them not to collapse too early. They thought they are smart enough and they will withdraw their funds before it collapse.
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.
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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.
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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.
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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
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