Google Searches for MMM Spike as Ponzi Scheme Suspends Accounts in Nigeria
Google’s Communications and Public Affairs Manager for Anglophone West Africa, Taiwo Kola-Ogunlade, has confirmed that search for MMM became the biggest traffic on the top search engine site after Tuesday, December 13. On the said day, Nigerians participating in the MMM Ponzi scheme were informed that all confirmed subscriber accounts will be frozen for a month. Since the move is similar to what preceded the collapse of the scheme in Zimbabwe – it later collapsed in South Africa too – some of the Nigerians are panicky. MMM Global closed its Republic of Bitcoin website which promised up to....
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The Nigerian arm of an international Ponzi scheme, MMM Nigeria has announced the revival of its investment scam by sending out instructions to investors who had their accounts frozen earlier. 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....
MMM Nigeria has announced that it will introduce bitcoin as a form of payment when it reopens customers’ accounts on January 14. In December, participants in the MMM Ponzi scheme were informed that all confirmed subscriber accounts would be frozen for a month. It was reported that this was to help prevent any problems over the festive period. Earlier last year, MMM Global announced that it was closing its Republic of Bitcoin, a website that had promised up to 100 percent returns on donations; however, in a blog it stated that the Republic of Bitcoin was an experiment that had failed. In a....
Interest in bitcoin has increased all over the world with Google and Baidu searches showing a spike or all-time highs in numerous countries. Particularly, interest has rapidly increased in Venezuela, Brazil, Nigeria and India with China’s Baidu showing a recent spike. The most striking increase is in Nigeria. The country is suffering from a recession due to falling oil prices as well as high levels of inflation with concerns raised regarding the stability of its banking system. Umaru Ibrahim, managing director and CEO of the Nigeria Deposit Insurance Corporation (NDIC) recently stated:....
This particular Ponzi Scheme in Vietnam will give Bitcoin a bad reputation in the country. Cryptocurrency is not regulated by the banks, and the local government is not too keen on Bitcoin either. Ever since the inception of Bitcoin, there have been individuals and companies trying to discredit cryptocurrency. Some of them even go as far as setting up deliberate Ponzi Schemes to defraud Bitcoin investors. Such a scheme seems to be on the brink of collapse in Vietnam. Hundreds of people have been burned by this pyramid scheme, which seemed to rely on an MLM structure. It is not the first....
Online searches for the term “Bitcoin dead” reached an all-time high owing to peak anxiety among investors amid ongoing selloffs at the time. The global crypto community has started to redirect its interest from Bitcoin (BTC) to Web3, according to Google search trends.In order to keep up with decade-long innovations spanning from blockchain-based applications to nonfungible tokens (NFTs), crypto investors and enthusiasts rely on searching the web — disclosing their true sentiments in real-time. Most recently, searches for the term “Bitcoin dead” reached an all-time high, owing to peak....