MTS/TOFRO another Ponzi scheme logged out Nigerian victims

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. A source anonymously told Pointblank News that, “I am with a victim who has been logged out this morning.”

“I was promised access again by April 20, but I can’t even log in. All my savings are gone,” the victim said.

MTS/TOFRO, a cryptocurrency trading platform, promised guaranteed profits and claimed to have deposited $30m to secure user funds. The platform’s CEO, Harris Levy, presented himself as a seasoned foreign investment expert and reassured investors of the platform’s legitimacy.

Levy also told investors that MTS/TOFRO was formalizing its registration with Nigeria’s Securities and Exchange Commission (SEC) through a visiting legal team. But between April 14 and 19, the platform restricted withdrawals—only to completely block access to Nigerian users by April 19.

Pointblank News investigation revealed that MTS/TOFRO operated through four administrative accounts: “Harris Levy,” “Harris Levy 2,” “MTS Administrator,” and “AllThings MTS.”

The source said, “The last account is reportedly managed by a Nigerian popularly known as AllThings, said to be instrumental in bringing MTS to Nigeria.

He is currently unreachable and is reportedly using a UAE phone number while hiding in Nigeria.”

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.

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.

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.

“The Commission hereby clarifies that neither CBEX nor its affiliates were granted registration to operate as a Digital Assets Exchange,” the SEC said.

The SEC’s Director General, Dr Emomotimi Agama, emphasised that while innovation in digital finance is welcome, it must occur within a regulated framework.

“We welcome innovation, but it must occur within a regulated environment that protects investors and maintains the integrity of our market,” he said.

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.

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.

Before the collapse, national dailies and online publications had promoted MTS/TOFRO and its parent brand, MTS Foundation, as a promising global investment initiative.

Media reports highlighted the company’s ambitious goals to connect multiple sectors—ranging from e-commerce to blockchain technology—and credited Levy’s 12 years of crypto experience as a key strength. The MTS-TOFRO partnership was marketed as a secure, transparent investment vehicle with global reach.

Founded on July 12, 2022, in Denver, Colorado, MTS Foundation branded itself as a “trailblazer” in emerging markets. Its partnerships and claims of global expansion helped build public confidence—before it vanished overnight.

Now, MTS/TOFRO joins the ranks of notorious scams like MMM that left thousands of Nigerians stranded.

MMM collapsed in 2016 after promising unrealistic returns through a Ponzi model.

As the search for answers continues, the SEC urges Nigerians to verify all investment platforms through its official portal, www.sec.gov.ng/cmos, before committing their money.

For now, victims of MTS/TOFRO can only hope that this time, authorities act swiftly to deliver justice and prevent further losses in Nigeria’s fragile digital investment space.