MTFE Ponzi collapses, withdrawals rejected
Metaverse Foreign Exchange (MTFE) is a Dubai-based Ponzi scheme that launched in 2022.
MTFE originally operated from the domain (“mtfe.ca”). Following a regulatory fraud warning from the Ontario Securties Commission in early July however, MTFE abandoned it’s original domain for “mtfe.io”.
MTFE’s .IO domain was registered on July 25th. Now, following delayed withdrawals, MTFE investors report MTFE withdrawals are being rejected.
Although it has a web presence, MTFE primarily operates through an app.
Despite receiving a securities fraud warning from Canada, MTFE’s app is still available from both the Apple and Google Play stores.
From what I’ve been able to piece together (with input from BehindMLM readers), MTFE withdrawal delays began last week.
They continued up until yesterday, wherein MTFE began rejecting withdrawal claims outright. There has been no investor communication since the withdrawal delays last week, suggesting MTFE’s admins have disappeared.
MTFE is fronted by Bangladeshi national Masud Al Islam.
Islam is hiding out in Dubai and is believed to be working with Chinese scammers.
Foreshadowing MTFE’s collapse, Islam abandoned his personal FaceBook account on August 4th.
MTFE’s .IO domain is too new for traffic tracking. In July 2023, SimilarWeb tracked ~306,000 visits to MTFE’s .CA domain.
The majority of this traffic originated from Bangladesh (34%), Sri Lanka (19%), India (8%), the UAE (6%) and Kenya (4%).
Total victim numbers and how much they’ve lost to MTFE remains unknown.
Update 15th June 2024 – The UK’s Financial Conduct Authority issued an MTFE Global securities fraud warning on June 11th, 2024.
The FCA’s MTFE warning cites the domain “mtfeglobal.com”, privately registered on June 11th, 2023.
The domain is currently disabled but appears to be a third attempted MTFE reboot.
there are so many victims in Sri Lanka.. they are still waiting for withdrawals. They have no idea what’s going on..
MTFE started their Exit plan Last Weak.. They are saying about Updates and bla bla.. but it’s already collapsed.
News is old and less truth. mtfe has rejected all of clients withdrawal to asset. Now they sort out KYC to restore database.
I hopefully MTFE may start withdrawal starting new week.
Lulz. Sorry for your loss.
MTFE I invest 7690 usdt now I can’t withdraw my money and now I check all my money is finish negative all my money….. please help.
Nobody here can help you. You invested into a Ponzi scheme and your money is gone.
Sorry for your loss.
Oz correct, money is gone sorry for your loss.
Refer to teaching in Buddhism.
There are a significant number of people in Sri Lanka who have fallen victim to this due to lack of knowledge and misdirection.
Sorry for them!
I’ve also lost money and introduced many people, now I have to answer what I don’t know.
they scammed us money and then now, they want us to get killed by people we introduced to this mtfe scam.
What do you mean you don’t know?
You recruited people into a Ponzi scheme and stole their money. Geez, you can at least be honest with your victims.
Guys, when a friend introduced me to MTFE, he warned me that this may be fake as he is not sure, so he asked me if i will invest, firstly i have to withdraw all my investments by income that i receive.
only after that you can keep deposits in MTFE and be on a safe side.
So i did exactly the same, i focused on withdrawing income to cover my invested amount. sad to say my total account value was more than 8000$ and now it is -3300, when you open MTFE app there is pop up message that is saying that i owe them this money and i have 24 hrs to deposit, otherwise they threatning with a legal actions.
they really can’t do anything about that. Threatning from their side is really strange, because official MTFE statement that this is just a bug and everything will become to normal on 22 or smthng like that.
BTW!! the strangest thing is that they used to claim that they have a stop loss system in order for you not to loose all the money, usually loss was equally to 1 – 3 days profit.
This time everyone lost all of their money and still owe some. Where was the stop loss at this moment??
MTFE has initiated an internal advanced fee-scam. Grow numbers on a screen and then charge a fee to withdraw.
There never was any trading so crying about a stop loss is irrelevant. They’re hoping enough gullible dummies send them fee payments then they’ll shut the website down.
In this era defined by the remarkable convergence of AI, 5G, and IoT technologies, one cannot help but wonder: should not someone rise with resolute determination, clutching the reins of accountability, and lead these forces to the halls of justice?
Simple answer is no. Otherwsie there would not be any more ponzi scams.
Indeed, your observation is astute. The persistence of such fraudulent schemes serves as a poignant reminder of the complex challenges that lie ahead.
While the technological advancements of our time hold immense promise, they also unveil new avenues for exploitation.
Nevertheless, our collective resolve to enhance safeguards and amplify awareness can potentially tip the scales in favor of justice and integrity.
Let us continue to advocate for a safer digital landscape, where innovation thrives without enabling deceitful practices.
MTFE piramid.
Article updated to note FCA’s fraud warning and MTFE’s third attempted reboot on another domain.