Bust Nigerian Ponzi Scheme is Coming Back with Bitcoin
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....
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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, 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 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....
Ponzi scheme: A fraudulent investment operation where the operator, an individual or organization, pays returns to its investors from new capital paid to the operators by new investors, rather than from profit earned by the operator. Many of the under-informed, the under-educated, and the under-control masses have lobbed this parting shot at Bitcoin over the years. People tend to fear things that they don't understand, and will hide behind that fear with blind attacks that sound right, but are just as ignorant, if not more so. Bitcoin clearly does not fall into the definition of a "Ponzi....
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....