Ponzi Trading Platform MTFE Collapse || $1 Billion scammed

[Learn Bitcoin]

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;

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.

 


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

[ScamViruS]

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.

[Learn Bitcoin]

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.

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.

[stompix]

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?

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!

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.

[ScamViruS]

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.

[Little 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.

[ScamViruS]

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.

This is actually true. Scammers and scam victims never give up. Once there were revenue sharing websites, those websites were scammed one by one and such investors faced huge losses. But they did not learn anything from that incident, after that many ponzi schemes came in the market and scammed these investors again.

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.

[Woodie]

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👣👣👣..

[acroman08]

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.

[Nwada001]

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.

[PX-Z]

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.

[Learn Bitcoin]

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.

[Latviand]

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.

[PX-Z]

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.

[Little Mouse]

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.

[TravelMug]

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👣👣👣..

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.

[Gladitorcomeback]

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.

[ScamViruS]

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

[Ojima-ojo]

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,

[Yamane_Keto]

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.