Abstract：Eight years ago, the absurdly hyped token “MLGB” (马勒戈币) made waves with its ridiculous “cloud-based AI alpaca” narrative and celebrity endorsements. As expected, it ended in disaster—collapsing into debt disputes and exit scams. Few imagined that another team—operating simultaneously in both forex and crypto—would, years later, stage a new conspiracy under the name MBG, once again targeting the Chinese community.
Eight years ago, the absurdly hyped token “MLGB” (马勒戈币) made waves with its ridiculous “cloud-based AI alpaca” narrative and celebrity endorsements. As expected, it ended in disaster—collapsing into debt disputes and exit scams. Few imagined that another team—operating simultaneously in both forex and crypto—would, years later, stage a new conspiracy under the name MBG, once again targeting the Chinese community.
In recent years, DeFi (Decentralized Finance) has become one of the hottest buzzwords in investment circles. But as always, anything too complex for ordinary people is quickly weaponized into a tool for exploitation. On July 22, 2025, a new cryptocurrency named MBG quietly appeared on Uniswap, the world‘s largest decentralized exchange on Ethereum. At launch, the project’s promoters flooded WeChat groups with hype, as if a wealth revolution for ordinary people was about to begin. Netizens mockingly dubbed it “麻痹，干!” (“Screw it, just go!”).
MBG felt strangely familiar—eerily so. A quick look at its whitepaper revealed its issuer to be MultiBank Group (MBG). Immediately, painful memories of MEX, MBG, and Chase Finance resurfaced. “The more I recall, the more I want to cry,” said one verified user. “On one side they launch flashy new tokens, on the other they quietly exit Malaysia with stolen money. As a victim of Chase Finance, I must warn the next generation.”
16 Years Ago: The “Satan from Jordan” and His Nationwide Web of Exploitation
Few Chinese people could have imagined that their lifelong savings would end up in the pockets of a Jordanian named Naser Taher, born in 1952. According to Wikipedia, this man is the mastermind behind MultiBank Group (also known as IKON in Asia-Pacific), one of the worlds largest forex fraud networks.
From the start, MultiBank sowed chaos in China. With the rise of the internet and social media, the company‘s scams were repeatedly exposed around 2017–2018, when it operated as MultiBank Exchange Group. But Taher’s footprint in China dates back much earlier, to around 2009, when he set up shell companies in Hong Kong to leverage its status as a global financial hub.
Public records link Taher and MultiBank to multiple Hong Kong entities, including:
- IKON Financial Group Limited
- MultiBank Group Limited
- Forex Asia International Co., Limited
- MBG (Holdings) Limited
- MultiTrade Financial Group Holdings Limited
- and many more under different variations of “Global Financial Group.”
These shells were later followed by company registrations in Beijing, Tianjin, Shenzhen, Guangzhou, and Shanghai, each with minimal paid-in capital. They acted as fronts for forex fraud, posing as “consulting” or “IT” firms to hire staff, manage cash pools, and launder money.
For example:
- Beijing MultiBank Global Asset Management Co., Ltd. (deregistered)
- IKON Financial Services (Tianjin) Co., Ltd. (still active, controlled by Taher)
In 2020, the Tianjin branch was fined 868,200 RMB by the State Administration of Foreign Exchange (SAFE) for illegally remitting foreign currency into China—directly naming Taher as responsible.
The Illusion of “11 Global Licenses”
To appear legitimate, MultiBank claimed to hold 11 global financial licenses. In reality, most were either irrelevant or outright fraudulent.
Examples include:
- MEX Group Worldwide Limited claimed regulation by “HKC Customs,” but forex in Hong Kong requires an SFC Type-3 license—Customs has no authority.
- MEX Atlantic Corporation, registered in the Cayman Islands, where the regulator (CIMA) does not oversee forex brokers.
- MEX Global Financial Services LLC, registered in Dubai, but unauthorized by the DFSA.
- A U.S. entity, “MEX International Group,” disguised under a different registration name.
To unsuspecting investors, sales agents advertised MultiBank as a fully licensed ASIC-regulated broker from Australia. In reality, Chinese clients were routed through unregulated offshore shells, where withdrawal was impossible.
Ten Years of Atrocities: MultiBanks Bloody Record
From IKON to MEX to MBG, the fraud never stopped. Beginning in 2018, reports of withdrawal failures surged. By mid-2021, payouts had ground to a halt. In October 2021, withdrawals froze completely, and by 2022, MultiBank officially fled China—shifting operations to Malaysia while billions in stolen funds remained unpaid.
Victims stories include:
- Fake excuses to block withdrawals – blaming “technical issues,” “compliance policies,” or forcing investors into costly USD wire transfers, only for funds to never arrive.
- Manipulation of trading accounts – inflating losses, inserting fake trades, altering spreads, and erasing commissions.
- Crushing personal tragedies – one investors father died after ICU bills went unpaid because MultiBank refused to release his funds, coldly replying, “under review.”
- Collusion with shady IBs and asset managers – victims were directed to deposit into private bank accounts, follow “signal teachers,” or pay fabricated “fees” (20% of profits, “fines,” “custody charges”) just to withdraw, yet never received a cent.
- Endless shell brands – IKON, MEX, MBG, MultiBank—constantly rotating names, passing victims between entities, and denying responsibility.
A Systemic Scam, Not Just a “Bad Broker”
MultiBanks model is clear:
- Recruit investors with promises of high returns.
- Block withdrawals with excuses and fabricated compliance.
- Bleed accounts dry through manipulation, collusion, and backend tricks.
- Rebrand and repeat under a new name.
The result: broken families, ruined lives, suicides, and unending lawsuits across China and Malaysia.
As one victim put it:
“MultiBank doesnt just kill accounts—it kills lives. It destroys trust, dignity, and the very oxygen of this industry.”
A Final Warning
To Naser Taher and his accomplices: behind your celebrations in Dubai are 16 years of sleepless nights among Chinese families you devastated. Do you not see the faces of ICU patients denied life-saving treatment? Do you not fear the judgment of history—or of your own conscience?
The wheel of justice turns slowly, but it never stops. MultiBank may keep changing its name, but it cannot change its true nature: a slaughterhouse for forex investors.
