Nigerian BTC Trading Platform Fights Ponzi Schemes That Thrive Over Africa
A Nigerian e-currency platform moves to begin an awareness campaign on virtual currencies. The aim is to redeem the industry’s battered image, hurt by various Ponzi schemes, including egold, ebullion, liberty reserve and “MMM”. A Haunted Market. According to Adelola Sokoya, CEO of Swiftecurrency.com, the Nigerian virtual currency market is operating below capacity. Given the amount of internet users within the country, the present virtual currency market size is poor. Sokoya blames it on the negative impression that has been created over time by fraudulent practices. Sokoya recalls the....
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As Ponzi schemes make inroads into the Nigerian investment ecosystem, the next generation of leaders are indirectly learning to rely on luck and chance rather than genuine mental empowerment in the pursuit of their life goals. It has become a pattern for investment schemes whether genuine or not to aim at making inroads into the Nigerian investment ecosystem. This move appears to be paying off as most of these schemes have received their biggest patronage from Nigeria. Hetty Orkuma, a Nigerian businesswoman and entrepreneur says: “Any business investment or otherwise not thinking of....
MMM, the Ponzi scheme run by Sergey Mavrodi now claims Nigerian investors, following its success in defrauding those from South Africa and Zimbabwe. Over the past few years, people across the world have been getting emails from “Nigerian princes”. These self-proclaimed royals promise riches in return for a small deposit. But overall, they were a scam even a child could tell. Replacing the Nigerian princes in latest events is MMM Global, a company that has notoriously conned people off their savings in many countries, including Zimbabwe and South Africa. The hoax investment firm is now....
This past week the Securities and Exchange Commission (SEC) of Nigeria has warned its residents about virtual currency investments. The agency’s warning has bundled bitcoin investment with two Multi-Level-Marketing (MLM) operations well known for deceptive activities. The Securities and Exchange Commission of Nigeria Conflates Bitcoin Investment with MLM....
In an interview, Lt. Col. Nguyen Thi Thu Hang of Vietnam Police speaks about the lack of regulations and fraudulent investment schemes plaguing the country. Virtual currency trading is a lucrative activity, which comes with its own risks. If not chosen properly, the trading and investment platforms themselves may pose a much greater risk than the volatility associated with cryptocurrencies. The increasing number of virtual currency based Ponzi schemes that promise huge returns have got law enforcement agencies concerned. These schemes are prevalent across the globe, attracting millions of....
Masterminds of one of South Africa’s biggest bitcoin Ponzi schemes, Mirror Trading International (MTI), have been asked by the scheme’s liquidators to pay back over $291 million to cover the scam operation’s debts. Liquidators’ Influence Liquidators of the South African bitcoin Ponzi scheme, Mirror Trading International (MTI), have issued summonses against eighteen individuals believed to be the masterminds behind the now-defunct scheme. The liquidators want the named individuals to pay back more than $291 million (4,666,077,528 rand) to cover the....