What’s In This Email

• Canadian company accused of running a pyramid scheme

• CrowdStrike says sorry with a $10 gift card for Uber Eats

• New place to ‘spill the tea’ in Montréal

• Taste the Caribbean islands at Island Eats Festival

• Notable Spotlight: Niagara on-the-lake: Winemakers Selection Tasting

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Canadian Company Accused of Operating a Massive International Pyramid Scheme

A Canadian company, Metaverse Foreign Exchange Group Inc. (MTFE), is at the center of a massive alleged pyramid scheme, reportedly defrauding investors in Sri Lanka and Bangladesh of over US$2 billion. The scheme has highlighted vulnerabilities in Canada's regulatory oversight of financial companies.

Key Takeaways

• MTFE's Collapse:

  • The online trading platform MTFE stopped working in August 2023, causing investors' funds to disappear.

  • Sri Lanka's central bank and Bangladeshi authorities describe MTFE as a pyramid scheme, with significant financial losses reported.

• Canadian Ties and Shell Companies:

  • MTFE, federally incorporated in Markham, Ontario, had connections with a network of Canadian shell companies, many with foreign directors.

  • The company’s operations involved directing funds through cryptocurrency, raising concerns about using Canadian credentials to establish trust.

• Regulatory and Investigative Gaps:

  • Canadian regulatory bodies, including the Ontario Securities Commission and Fintrac, are being scrutinized for their role and response to the scheme.

  • Despite being registered with Canadian authorities, MTFE's activities escaped significant scrutiny until the collapse.

• Impact on Victims:

  • Like Arif from Bangladesh, victims were drawn in by the company's Canadian credentials and promises of low-risk investments.

  • The scheme's fallout has left many in financial ruin, with little recourse available, especially for international victims.

Why this matters: This story underscores the importance of robust regulatory oversight in protecting investors, especially as financial scams increasingly utilize digital and global platforms. The case raises questions about Canada's regulatory frameworks and their ability to prevent financial fraud. For Canadians and international investors alike, it highlights the need for vigilance and thorough vetting of investment opportunities, particularly those involving complex financial products like cryptocurrencies. The incident also illustrates how seemingly reputable credentials can be manipulated to exploit investors, making it a cautionary tale for anyone involved in the financial markets.


Read the full article here.

CrowdStrike Apologizes for Major Outage with $10 Gift Card

CrowdStrike, the cybersecurity firm behind last week's major global computer outage, is trying to make amends by offering a $10 Uber Eats gift card to affected partners. The outage, caused by a faulty update, left millions of computers stuck at the dreaded "blue screen of death" and disrupted operations worldwide, including at airports and hospitals.

Key Takeaways

• Apology Offer:

  • CrowdStrike sent $10 Uber Eats gift cards as an apology to those affected by the outage. However, some recipients reported that the cards were canceled before they could be redeemed.

• Cause of the Outage:

  • The issue arose from a bug in the update validation process, allowing faulty code to be released. This led to around 8.5 million Windows devices becoming inoperable.

• Global Impact:

  • The outage affected operations at airports in major cities and disrupted hospital surgeries and various businesses worldwide.

• Company Response:

  • CEO George Kurtz and Chief Security Officer Shawn Henry issued public apologies, acknowledging the severity of the incident and pledging transparency in resolving the issue and preventing future occurrences.

Why this matters: This incident highlights the critical importance of robust quality control in software updates, especially for companies in cybersecurity. The global impact of the outage demonstrates how crucial these systems are to our daily operations, from healthcare to international travel. CrowdStrike's response and the subsequent issues with the apology gift cards also underscore the challenges of maintaining customer trust and managing public relations after a significant failure.

Read the full article here.

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Disclosure: While we utilize artificial intelligence (AI) to assist with certain aspects of content development, all information provided in our content is thoroughly vetted and edited by our team of humans. We strive to ensure the accuracy and reliability of all information. However, we recommend that readers conduct research or seek professional advice to make informed decisions. This email may contain sponsored content.