MTFE Scams over N15 billion off investors who joined their platforms leaving them in teras on the 18th of August 2023..
METAVERSE FOREIGN EXCHANGE GROUP INC. (MTFE) as they are called have been identified as a ponzi scheme that scammed people of their funds loosing over $15billion .
@everyone
Family, this is Aimee.
This is the last message I am sending.
I lost 1 million dollars in yesterday’s losses, I lost all the money I made in MTFE in the last 2 years and am $540,000 in debt. I don’t blame anyone.
My friends who are close to me know that I got cancer last year and yesterday’s loss made me lose all hope. No one can help me and everyone is blaming me.
I don’t have any money right now and even if I did, I would only be responsible for my Level123. Because no matter how much money you have invested and how much money you trade every day, except my Level123, it’s not my business and I don’t profit from it.
But I believe that as long as the players who join more than one year time, even if yesterday lost money, overall is also money.
So you guys can go to your superiors if you have problems. Instead of looking for me, I will not be responsible.
Any game has rules of the game. Our team is not built by me alone, but by all of us together. When you guys are making money, you don’t give me a portion of your profits, but when you lose money, you think it’s my responsibility.
In any case, it doesn’t matter. None of you lost as much as I did, and I was the biggest loser.
I wish all of you well. Bye!
this was a text collected from a victim of mtfe by naijamixedng news agents stating how she was scammed and telling her whatsapp community that it wasnt her fault
It is sordid experience for scores of hundreds of supposed investors as another Ponzi came crashing! Their darling Metaverse Foreign Exchange (MTFE) Group, a trading service provider for online investment in foreign exchange, commodities, stocks, stock indexes and other products, has shut down its operations.
Investigations revealed that MTFE Group is not only an unlicensed forex broker but also a Ponzi Scheme that lures existing victims into recruiting new ones by offering them unrealistic bonuses. Although it claims to be a financial services provider, its “trading application” has nothing to do with real financial trading revealed sources familiar with the business. The source added, “as of now MTFE has shut down all withdrawals claiming Concerns with KYC System and investors are in panic now”
Unwary investors in Nigeria, like the unforgettable MMM era, have similarly lost tons of hard earned money and investments running into a billion dollars to the audacious MTFE crypto Ponzi scheme.
The scheme is said to be most popular in the Northern Nigeria hence the bulk of victims currently leaking their wounds are from that region. According to Binance reports, the unpleasant development is a grim reminder of the critical roles education and knowledge play in safeguarding oneself against Ponzi schemes and fraudulent crypto projects.
IS MTFE SCAM OR PONZI SCHEME??
Although, the MTFE Group claims to be registered in Canada as a money service business with MSB No. M22076570, and also regulated by FINTRAC but the Canadian’s Ontario Security Commission has denied the claim. The regulatory commission boldly displayed on its website, “Metaverse Foreign Exchange Group Inc., found at www.mtfe.ca, is not registered in Ontario to engage in the business of trading in securities”.
Ponzi scheme investments is becoming more and more popular everyday and making victims of unsuspecting people who want to gain ridiculous returns by just “investing” their funds and enjoying. The debilitating effects of MMM remain ever fresh in the minds of the Nigerians who lost millions of naira the scam scheme and its promoters.
Still on Ponzi Scheme
A Ponzi scheme is a mechanism to attract investors with a promise of future returns and works by paying existing investors with money collected from new investors. This way, the ponzi scheme owners can only maintain the scheme as long as new investors are brought into the fold. So they continue to promise high end yields to lure new unsuspecting investors while they use the new investments to pay the old investors who are cashing out.
He said, “MTFE app has evolved over the last 5months I have used it. The feedbacks from users have been consistently incorporated into the updates. It could be much user friendly if the customer service end is faster. More so, it will be best if transaction history is sent to our email monthly, this enhances transparency and accountability”
This shows the how the promoters swept the unsuspecting investors off their feet and conned them off their hard earned resources.
The Learning Curve
The MTFE Ponzi scheme is an unfortunate chapter in Nigeria’s crypto history, but it serves as a rallying cry for change. Aspiring crypto investors must recognize the dire importance of knowledge in navigating this complex arena. By actively seeking education, staying vigilant, and relying on trusted sources of information, individuals can protect themselves and their investments.
In the aftermath of the MTFE debacle, we have a collective responsibility to fortify ourselves against future Ponzi schemes. Knowledge is not just a key—it’s a shield that guards against deception, safeguards financial stability, and paves the way for responsible and informed crypto investing. Let us learn from the lessons of MTFE and propel ourselves toward a brighter, more secure crypto future.
