The Metaverse Foreign Exchange Group (MTFE), codenamed one of the biggest ponzi scheme of the century has now been shut down after it successfully duped unsuspecting investors with over a staggering $1 billion dollars.
In a harrowing turn of events, Nigeria has been rocked by what is now known as the MTFE Ponzi scheme, an audacious crypto fraud that duped unsuspecting investors out of a staggering $1 billion. Most tragically, the majority of victims hail from the northern regions of the country, according to Binance reports, serving as a grim reminder of the critical role that knowledge plays in safeguarding oneself against Ponzi schemes and fraudulent crypto projects.
The Ponzi scheme investments have become so popular lately globally and especially in Nigeria. It is becoming more and more popular everyday and making victims of unsuspecting people who wants to gain ridiculous returns by just “investing” their funds and enjoying. I remember when MMM came into Nigeria and many people lost millions of naira into the scam scheme. Then I warned many of my friends against investing the ponzi scheme but many of them refused. I told them it’s a ponzi scheme that is only paying their investors from new funds collected from new investors, but they refused to listen until many lost all their funds.
The MTFE has left a trail of financial ruin and heartache, showcased the dark side of the cryptocurrency world. Luring in eager investors with the promise of unparalleled returns, the orchestrators of the scheme capitalized on the prevailing curiosity surrounding cryptocurrencies.
Operating under a veneer of legitimacy, the Ponzi scheme exploited the lack of awareness and financial education among its victims.
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.