MTFE: a crypto "trading" Ponzi scheme
This online "trading" platform promised regular returns, operated in Bangladesh from 2022 and abruptly shut down in August 2023. Investigators reported that the trades shown in its app were fabricated.
Last reviewed: 15 October 2026
- Period
- June 2022 – August 2023
- Losses
- No reliable total; media estimates ran into thousands of crores of taka. The CID reported recovering about 3.6 million USDT from a foreign exchange.
Red flags
- Promises of regular, fixed returns
- Referral commissions for recruiting members
- Only "dollar balances" in an app, no evidence of real trading
- Heavy promotion on Facebook and YouTube
- No authorisation in Bangladesh
What happened
According to the CID, MTFE began operating in Bangladesh in June 2022. It attracted investors through Facebook and YouTube ads and through members promoting it personally. Early payouts built trust. Investors saw virtual "dollar" balances in their app, but investigators found the trading was entirely fictitious.
In mid-August 2023 the platform abruptly stopped operating. Cases were filed under the Multi-Level Marketing Activities (Control) Act and the Digital Security Act, and the CID investigated.
Recovering money
According to reports published in March 2026, the CID traced about 3.6 million USDT held on an international exchange and brought it back to Bangladesh. The money is to be distributed to victims under court direction after verification. Reports said the main suspect was still abroad at the time.
The lesson
MTFE's structure was a textbook Ponzi and MLM scheme. Read the full analysis: lessons from MTFE.
Sources
This page is based on allegations and reports published by the sources cited; allegations are unproven until a court rules. Tell us if anything is inaccurate.