MMM, the “most successful” Ponzi Scheme has planned a revival of its Nigerian arm of business, or so it would seem. The investment scheme created an outburst in the cryptocurrency community recently by introducing Bitcoin investments. Attracted by the promises, many people jumped on the bandwagon, in spite of being advised against it.
Those who invested in MMM Nigeria – reported to be around 3 million – found their accounts frozen, denied of their funds later on December 13, 2016. The scheme seems to be relying upon the desperation of those deprived of their money to promote it to a fresh batch of investors. Reports suggest that the investors in MMM Nigeria have recently received instructions from the platform, asking them to actively take part in promotional activities.
These tasks issued under the title “Promo Tasks: A New Tool for MMM Community Development” are said to involve both online and offline promotional activities needed to drive more traffic and participation. A known Nigerian online news platform describing the contents of the instructions quoted,
“Being an MMM member implies not only opportunities but also a responsibility for the state and development of the MMM Community.”
It is believed that the Ponzi investment platform is soon going to remove the account restrictions, offering hopes to those who have lost funds to it. The move could have been influenced by the increased Bitcoin price in the recent days. MMM Nigeria had been allowing people to invest Bitcoin, and all the paybacks they received were equivalent to the country’s legal tender — Naira, labeled MAVRO-NAIRA. The platform seems to be open to sharing a portion of the profits it made from increased Bitcoin price to get more investors on board.
In order to make the platform more attractive, MMM Nigeria has announced the inclusion of MAVRO-BTC. The statement continues,
“So far, we have only had MAVRO-NAIRA in the system. Even though you provided help via Bitcoin, your Bitcoins, anyway, were recalculated into the Naira at the exchange rate at the moment of providing help, and you were credited with MAVRO-NAIRA in your PO.”
It also goes on to say that the users can convert their MAVRO-NAIRA to MAVRO-BTC to avoid price volatility. While these sound good for the uninitiated, it is still unclear about whether the ones with MAVRO-NAIRA and/or MAVRO-BTC will ever be able to withdraw its equivalent in naira or bitcoin.
Those planning to invest in MMM Nigeria or any other MMM related schemes should stay away from it unless they have plenty of money lying around and don’t mind writing it off.
Ref: Vanguard | Image: NewsBTC