{"id":117632,"date":"2025-04-19T16:12:16","date_gmt":"2025-04-19T15:12:16","guid":{"rendered":"https:\/\/pointblanknews.com\/pbn\/?p=117632"},"modified":"2025-04-19T16:12:16","modified_gmt":"2025-04-19T15:12:16","slug":"breaking-another-investment-scam-mts-tofro-logged-out-nigerians","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/news\/breaking-another-investment-scam-mts-tofro-logged-out-nigerians\/","title":{"rendered":"Breaking: Another Investment Scam, MTS\/TOFRO logged out Nigerians"},"content":{"rendered":"<div>Daniel Adaji<\/div>\n<div><\/div>\n<div>Thousands of Nigerians have lost their savings to MTS\/TOFRO, another fraudulent digital investment platform that suddenly shut down operations and locked users out on Saturday, April 19, 2025.<\/div>\n<div><\/div>\n<div>A source anonymously told Pointblank News that, &#8220;I am with a victim who has been logged out this morning.&#8221;<\/div>\n<div><\/div>\n<div>\u201cI was promised access again by April 20, but I can\u2019t even log in. All my savings are gone,\u201d the victim said.<\/div>\n<div><\/div>\n<div>MTS\/TOFRO, a cryptocurrency trading platform, promised guaranteed profits and claimed to have deposited $30m\u00a0 to secure user funds. The platform\u2019s CEO, Harris Levy, presented himself as a seasoned foreign investment expert and reassured investors of the platform\u2019s legitimacy.<\/div>\n<div><\/div>\n<div>Levy also told investors that MTS\/TOFRO was formalizing its registration with Nigeria\u2019s Securities and Exchange Commission (SEC) through a visiting legal team. But between April 14 and 19, the platform restricted withdrawals\u2014only to completely block access to Nigerian users by April 19.<\/div>\n<div><\/div>\n<div>Pointblank News investigation revealed that MTS\/TOFRO operated through four administrative accounts: \u201cHarris Levy,\u201d \u201cHarris Levy 2,\u201d \u201cMTS Administrator,\u201d and \u201cAllThings MTS.\u201d<\/div>\n<div><\/div>\n<div>The source said, &#8220;The last account is reportedly managed by a Nigerian popularly known as AllThings, said to be instrumental in bringing MTS to Nigeria.<\/div>\n<div>He is currently unreachable and is reportedly using a UAE phone number while hiding in Nigeria.&#8221;<\/div>\n<div><\/div>\n<div>The Economic and Financial Crimes Commission (EFCC) has yet to issue a statement, but victims are calling for immediate action to trace and recover stolen funds. Many are urging collaboration with international agencies like INTERPOL to apprehend the perpetrators.<\/div>\n<div><\/div>\n<div>The MTS\/TOFRO scam comes just days after the SEC announced an investigation into another massive digital fraud involving Crypto Bridge Exchange (CBEX), which allegedly defrauded Nigerians of over N1.3tn through an unregistered investment scheme.<\/div>\n<div><\/div>\n<div>According to the SEC, CBEX used aggressive marketing and radio advertisements to lure investors, operated without regulatory approval and disappeared after failing to fulfil withdrawal requests.<\/div>\n<div><\/div>\n<div>\u201cThe Commission hereby clarifies that neither CBEX nor its affiliates were granted registration to operate as a Digital Assets Exchange,\u201d the SEC said.<\/div>\n<div><\/div>\n<div>The SEC\u2019s Director General, Dr Emomotimi Agama, emphasised that while innovation in digital finance is welcome, it must occur within a regulated framework.<\/div>\n<div><\/div>\n<div>\u201cWe welcome innovation, but it must occur within a regulated environment that protects investors and maintains the integrity of our market,\u201d he said.<\/div>\n<div><\/div>\n<div>Under the newly enacted Investments and Securities Act (ISA) 2025, the SEC now has expanded powers to prosecute digital investment fraud. Section 196 of the Act allows the Commission to collaborate with law enforcement agencies to tackle unlicensed platforms.<\/div>\n<div><\/div>\n<div>Digital Assets Exchanges, like MTS\/TOFRO, are platforms that allow users to buy, sell, or trade cryptocurrencies and tokens. In Nigeria, such platforms are required to register with the SEC to operate legally.<\/div>\n<div><\/div>\n<div>Before the collapse, national dailies and online publications had promoted MTS\/TOFRO and its parent brand, MTS Foundation, as a promising global investment initiative.<\/div>\n<div><\/div>\n<div>Media reports highlighted the company\u2019s ambitious goals to connect multiple sectors\u2014ranging from e-commerce to blockchain technology\u2014and credited Levy\u2019s 12 years of crypto experience as a key strength. The MTS-TOFRO partnership was marketed as a secure, transparent investment vehicle with global reach.<\/div>\n<div><\/div>\n<div>Founded on July 12, 2022, in Denver, Colorado, MTS Foundation branded itself as a \u201ctrailblazer\u201d in emerging markets. Its partnerships and claims of global expansion helped build public confidence\u2014before it vanished overnight.<\/div>\n<div><\/div>\n<div>Now, MTS\/TOFRO joins the ranks of notorious scams like MMM that left thousands of Nigerians stranded.<\/div>\n<div><\/div>\n<div>MMM collapsed in 2016 after promising unrealistic returns through a Ponzi model.<\/div>\n<div><\/div>\n<div>As the search for answers continues, the SEC urges Nigerians to verify all investment platforms through its official portal,\u00a0<a href=\"http:\/\/www.sec.gov.ng\/cmos\" target=\"_blank\" rel=\"noopener\" data-saferedirecturl=\"https:\/\/www.google.com\/url?q=http:\/\/www.sec.gov.ng\/cmos&amp;source=gmail&amp;ust=1745160396740000&amp;usg=AOvVaw3YtfI_hq-VjwSFl9TBrFho\">www.sec.gov.ng\/cmos<\/a>, before committing their money.<\/div>\n<div><\/div>\n<div>For now, victims of MTS\/TOFRO can only hope that this time, authorities act swiftly to deliver justice and prevent further losses in Nigeria\u2019s fragile digital investment space.<\/div>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content --><!-- AddThis Related Posts generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>Daniel Adaji Thousands of Nigerians have lost their savings to MTS\/TOFRO, another fraudulent digital investment platform that suddenly shut down operations and locked users out on Saturday, April 19, 2025.&hellip;<!-- AddThis Advanced Settings generic via filter on wp_trim_excerpt --><!-- AddThis Share Buttons generic via filter on wp_trim_excerpt --><!-- AddThis Related Posts generic via filter on wp_trim_excerpt --><\/p>\n","protected":false},"author":1,"featured_media":117633,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[5],"tags":[],"class_list":["post-117632","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - 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