MTFE Ponzi collapses, withdrawals rejected


Metaverse International Change (MTFE) is a Dubai-based Ponzi scheme that launched in 2022.

MTFE initially operated from the area (“mtfe.ca”). Following a regulatory fraud warning from the Ontario Securties Fee in early July nonetheless, MTFE deserted it’s unique area for “mtfe.io”.

MTFE’s .IO area was registered on July twenty fifth. Now, following delayed withdrawals, MTFE buyers report MTFE withdrawals are being rejected.

Though it has an internet presence, MTFE primarily operates by way of an app.

Regardless of receiving a securities fraud warning from Canada, MTFE’s app remains to be accessible from each the Apple and Google Play shops.

From what I’ve been in a position to piece collectively (with enter from BehindMLM readers), MTFE withdrawal delays started final week.

They continued up till yesterday, whereby MTFE started rejecting withdrawal claims outright. There was no investor communication because the withdrawal delays final week, suggesting MTFE’s admins have disappeared.

MTFE is fronted by Bangladeshi nationwide Masud Al Islam.

Islam is hiding out in Dubai and is believed to be working with Chinese language scammers.

Foreshadowing MTFE’s collapse, Islam deserted his private FaceBook account on August 4th.

MTFE’s .IO area is just too new for site visitors monitoring. In July 2023, SimilarWeb tracked ~306,000 visits to MTFE’s .CA area.

Nearly all of this site visitors originated from Bangladesh (34%), Sri Lanka (19%), India (8%), the UAE (6%) and Kenya (4%).

Whole sufferer numbers and the way a lot they’ve misplaced to MTFE stays unknown.