Inside the MTFE fallout

by | Sep 9, 2023 | News, Technology | 0 comments

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MTFE fallout

In a tale that unfolded across continents, a Dubai-based app known as MTFE, or the “Metaverse Foreign Exchange Group,” wove a captivating narrative. Drawing individuals from Nigeria, Sri Lanka, and Bangladesh into its web, this app cunningly presented itself as a haven of Shariah-compliant financial opportunities. Promising grand returns from the worlds of cryptocurrency, forex, commodities, and stocks, it seemed like a dream too good to be true – and that’s because it was, such is the case of global financial scam MTFE

At the heart of its allure was a referral scheme that acted like a siren’s call, luring in existing users with bonuses for every unsuspecting recruit they brought aboard. But here’s where the plot thickened: in a twist worthy of a thriller, this supposed financial sanctuary unraveled as nothing more than a modern-day Ponzi scheme.

Imagine entire villages in Bangladesh, right down to the last upazila, caught in the glittering spell of these alluring money-making promises. The MTFE frenzy was unstoppable as people poured in crores, driven by the allure of unimaginable riches. 

MTFE in Nigeria

On August 18, Sahara Weekly, a prominent media outlet, dropped a bombshell headline: “MTFE: Century’s Biggest Ponzi Scheme Shut Down, $1 Billion of Investors’ Funds Disappeared.” This shocking report pointed to a cryptocurrency exchange firm as the source, revealing that a significant number of victims came from Nigeria’s northern regions. It’s a stark reminder that knowledge is your shield against scams like these.

Nigeria has seen its fair share of Ponzi scheme woes. In September 2021, Nigeria’s Guardian reported ₦300 billion loss over 5 years, triggering regulatory investigations.

MTFE in Sri Lanka

Sri Lanka has its own chapter in this story. MTFE, despite being unregistered and prohibited from operating there, found its way into the Sri Lankan cricket scene. They once sponsored the Lanka Prime Minister League, a prestigious cricket tournament. Shockingly, the MTFE logo adorned the jerseys of the LPL team Jaffna Kings, and their ads graced the stadium.

But the most chilling revelation? MTFE managed to swindle LNR 1 billion from the people. This saga is a harsh reminder that in a world where fraud lurks, vigilance and knowledge are your best allies.

Global financial scam MTFE

MTFE was like a pretend online shop. They said they could buy and sell things like shares, dollars, and a special kind of money called Bitcoin.

People in Bangladesh gave them their money through phones or local agents, thinking they would get more money back. At first, they got audio money on their phones.

But then, the pretend shop disappeared, and people were left with nothing.

We don’t know much about global financial scam MTFE, but we found a little bit on the internet. It’s like finding a tiny clue in a big treasure hunt. There’s a website called Digital Journal that talked about MTFE in February 2022. They said it started in 2017, and a person named Randy Matthew Lane was in charge.

We also found some information on a Canadian website called “Company Directory.” It had numbers and addresses, and it said MTFE had two bosses, Randy Matthew Lane and Hongbing Wang, but it didn’t tell us much else.

In conclusion

As with all tales built on deceit, the climax arrived. On a fateful August 17, the curtain fell. The Android app vanished, leaving shattered dreams and frozen balances for hundreds of thousands worldwide. It was a finale that showcased the ruthless reality beneath the glossy exterior.

MTFE’s story reminds us: In our tech age, ‘too good to be true’ still holds as a warning. In a world of wealth promises and scams, vigilance protects against enticing illusions.

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