Tuesday, July 23, 2024
advertise your product or service on freshreporters

HomeBusiness NewsMMM Ponzi Scheme Returns As MMMKrypto, Cautions Users About Uncertainties

MMM Ponzi Scheme Returns As MMMKrypto, Cautions Users About Uncertainties

Mavrodi Mondial Moneybox (MMM) is a popular ponzi scheme that swept across Africa, with branches promising a monthly 30% return on investment in South Africa, Zimbabwe, Nigeria, and several East African countries, and is about to revive as MMMKrypto.

The information seen on a flyer revealed that MMMKrypto held a recent event in Durban, South Africa, in 2023-12-2.

MMM Krypto advertises itself on its website as a “global mutual Aid fund, financial social network, or World People’s Bank,” but it is aimed at an international audience.

MMM Krypto claims to be a voluntary informal association made up of millions of people around the world who have declared a “war against banks and the Fed to combat financial slavery,” but on its website “there are no guarantees or promises.” It is neither explicit nor implicit. There is no investment or business. Participants help each other and send money directly to each other without intermediaries.”

ALSO READ:  Naira Closes At N756/$ As Official And Parallel Market Rates Converge Week After FX Policy

The Nigerian Deposit Insurance Corporation (NDIC) revealed in 2017 that an estimated 300 million Nigerians lost 180 billion N to MMM.

In 2017, Ada Kole, one of the many victims of MMM’s Ponzi scheme, reportedly committed suicide in Kubwa, a satellite city in the Federal Metropolitan Area (Fct).1 He reportedly consumed the insecticide following MMM’s crash after investing N750,000 just before his wedding…[CONTINUE READING HERE]>>

Morethan270million NigerianshavereportedlyreceivedmorethanN800billionscamsby another Ponzi schemewhichclaimsto betheNigeriandivisionofUK-basedBBH Global.

In 2018, MMM announced that it would close after the death of its founder Sergei Mavrodi.

Mavrodi died on the 3rd of May after suffering a heart attack.

ALSO READ:  New IoD Nigeria President Outlines Plans to Enhance Corporate Governance

Rewrite each paragraph by replacing a few words in each paragraph with their simple synonyms, leaving the whole article as original as possible. Do not tamper with words in quotes:

MMMKrypto scheme wrote on its website, “After much deliberation, we have made the conclusion that continuing the system operation, without our leader and ideological inspirer, is impossible and makes no sense.”

“We respect him immeasurably and cannot afford to allow that our unskilled actions may cause profanation of his concepts. In view of the above, with deep sadness, we have to announce the ultimate and irreversible MMM closure.”

Freshreporters News further gathered that as the photos from MMM Krypto’s event in South Africa started making rounds online, netizens have expressed wariness about its possible dangers.

ALSO READ:  Fuel Subsidy: Petrol Price Increase By Over 300% As NNPC Release Pump Price Per State (Photos)

Reacting to MMM’s comeback, an X user @ChikwanhaAllan wrote: “I’m offended they wanna implicate crypto in their scam.”

Another X user, @blessingdivirim said: “There are new students who need to be schooled by the MMM school …interested students can enrol but it’s tears at graduation.”

While labeling the platform as a scam, a Johannesburg-based X user, @Rayzofficial1 mentioned losing R20000 in 2016.

“MMM is back ???????? Don’t even think of trying it oooo”, an X user @OtunbaIcon001 warned.

Furthermore, a South African @Bonisile_RMS decried saying “The difficulty with warning your aunts and uncles about MMM and other pyramid schemes is that they will just do it behind your back. They will just think you are jealous because you want your father to be the only one driving a Hardbody.”…[CONTINUE READING HERE]>>



DISCLAIMER
For publication of your news content, articles, videos or any other news worthy materials, please send a mail to thefreshreporters@gmail.com

Join Other Great Readers, FOLLOW us On WHATSAPP>> https://chat.whatsapp.com/DN0y4bGIbVI4II6aNcPssb

Join Other Great Readers On TELEGRAM>> https://t.me/freshreporters

For Advert and other info, Click this link to send a Message to the Admin https://freshreporters.com/advertise/

Join thousands of readers to receive daily Latest News: