The Metaverse Foreign Exchange Group (MTFE), one of the largest Ponzi Schemes, has shut down, with unsuspecting investors losing over a billion dollars to the promoters.
According to investigations, MTFE Group is not only an unregistered forex broker but also a Ponzi Scheme that entices existing victims to recruit new ones by giving unrealistic bonuses. Although it claims to provide financial services, its “trading application” has nothing to do with real financial trading, according to persons acquainted with the company. “As of now, MTFE has shut down all withdrawals claiming Concerns with KYC System, and investors are in panic,” the insider continued.
Unwary investors in Nigeria, similar to the famous MMM era, have lost millions of dollars in hard-earned money and investments to the ambitious MTFE crypto Ponzi scheme.
The scam is claimed to be particularly common in Northern Nigeria, which accounts for the majority of victims currently bleeding their wounds. According to Binance, the unfortunate incident serves as a sobering reminder of the essential roles education and information play in protecting oneself against Ponzi schemes and fraudulent crypto initiatives.
Although the MTFE Group claims to be a money service firm registered in Canada with MSB No. M22076570 and regulated by FINTRAC, the Canadian Ontario Security Commission has refuted the claim. “Metaverse Foreign Exchange Group Inc., found at www.mtfe.ca, is not registered in Ontario to engage in the business of trading in securities,” the regulatory authority openly stated on its website.
Ponzi scheme investments are getting more popular by the day, preying on naive people who wish to make huge returns by just “investing” their dollars and enjoying the benefits. MMM’s crippling repercussions are still vivid in the minds of Nigerians who lost millions of naira to the fraud scheme and its proponents.
Still involved in the Ponzi Scheme
A Ponzi scheme is a mechanism that works by compensating existing investors with money collected from new investors to entice investors with the promise of future profits. In this manner, the Ponzi scheme proprietors can only keep the scheme going as long as new investors are brought in. So they keep promising high rates to entice new, gullible investors while using the new capital to pay off the old investors who are cashing out.
A scammer or con artist provides mouthwatering investments that promise very unbelievably high returns with little or no risk to potential participants in a Ponzi scheme. When the bubble breaks, the investors will become their victims. The returns are believed to be the result of the con artist’s business or covert investments, which are frequently kept private. According to inquiries, the firm does not exist or the idea does not work as described.
The MTFE Saga and the Trail of Woes
The MTFE debacle, which has left a path of financial ruin and grief, highlighted the cryptocurrency world’s ugly side. The scheme’s organizers took advantage of the general interest in cryptocurrency, luring in eager investors with the promise of unrivaled rewards. Under the guise of respectability, the Ponzi scam took advantage of its victims’ lack of understanding and financial education.
A Regional Tragedy with Global Implications
The worrying number of victims from Nigeria’s northern areas distinguishes the MTFE Ponzi scheme. Access to credible information and financial literacy resources is scarce in many places, leaving people vulnerable to exploitation. This bleak reality highlights the critical need to arm folks with the knowledge required to traverse the perilous waters of Bitcoin investing.
Unfortunately, the MTFE Ponzi scheme app is still available on Google Playstore.
The MTFE bogus software is still on the Google Play market as of the time of filing this report, ready for the next round of victims. It does indicate that the App is highly recommended by Google because it displays the following:
“MTFE is an online trading service provider for foreign exchange, commodities, stocks, stock indexes, and other products.” You can trade common products in the international financial market using various leverages via the site. We offer mobile app and web version trading platforms to consumers while also offering highly reasonable transaction prices, customer investing training classes, and a full range of customer service systems. MTFE allows you to freely select assets such as foreign currency, indexes, commodities, equities, and so on. As long as the market price varies, there is a chance to benefit from trading with them.”
However, as of now, all of these assertions are untrue and fraudulent. Investors are advised not to participate in MTFE or any other similar Ponzi schemes. Google should remove the MTFE app from the Play Store as well.
Google Reviews Are Laughable
Similarly, Isma’il Yusha’u, who is most likely sulking in the aftermath of the MTFE bubble, rated the App very highly, giving it a 4-star rating with the following:
“Everything about the app is fantastic; I only have two suggestions.” 1. To make withdrawals available even on weekends, as well as to strengthen the trading smarts of the robot, because just recently (specifically in this month of July 2023) the robot maintained producing constant losses in every one of the five training days. I mean, it can perform better when improved! Apart from that, everything about the software is excellent!”
Just over a week ago, on August 9, 2023, Atabo John gave it an equal rating.
“MTFE app has evolved over the last 5 months I’ve used it,” he remarked. User feedback has been continuously integrated into the upgrades. It could be much more user-friendly if customer assistance was faster. Furthermore, it would be preferable if transaction history was given to our email address on a monthly basis, as this would increase openness and accountability.”
This demonstrates how the promoters swept unwary investors off their feet and duped them out of their hard-earned funds.
The Curve of Learning
The MTFE Ponzi scheme is a blight on Nigeria’s crypto history, yet also serves as a rallying cry for change. Aspiring cryptocurrency investors must understand the critical role of information in navigating this difficult sector. Individuals can safeguard themselves and their investments by actively pursuing education, remaining vigilant, and relying on reliable sources of information.
We have a collective responsibility to fortify ourselves against future Ponzi schemes in the context of the MTFE tragedy. Knowledge is more than simply a key; it is a shield that protects against fraud, promotes financial stability, and opens the road for ethical and informed crypto investing. Let us learn from MTFE’s mistakes and work towards a brighter, more secure crypto future.