BREAKING: Suspected ponzi scheme, MMM reopens!
Suspected ponzi scheme, Mavrodi Mondial Movement (MMM) has reopened a day earlier than its participants expected.
The scheme which announced the freeze of participants’ accounts in December announced its return on Friday, January 13. Propagators had promised it would return January 14.
Many critics and observers had said the freezing of accounts signaled the end of the scheme in Nigeria.
A statement on the official website reads:
“The holidays are over, and we’re now open. Just as promised. You might have already noticed that we always stick to our promises. Actually, we promised to be open on January 14, but we’re open now, January 13, as you can see, which is a day earlier. Well, I hope, the members of the System will forgive us for that.
“It’s related to the hysteria raised by the authorities and the mass media around MMM. By joining forces, they’ve managed to nearly give the members of the System a heart attack and have frightened them out of their wits. Poor souls don’t know what to expect. Will we open again or not?
“This is why we’ve decided, considering the situation, to reach out to the members, reassure and cheer them up by opening a little earlier. After all, Together We Can Change The World!”
MMM Nigeria participants will, however, now be paid in bitcoin, not naira.
Bitcoin is a type of digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank.
It seems MMM Nigeria’s technique of increasing participant’s bitcoin would be to urge them to get more people to join the scheme. Those who join would be expected to pay in naira and be rewarded in bitcoin when their “Mavros” grow to a certain amount.
Various economists have voiced concerns that bitcoin itself is a Ponzi scheme.
Nigeria’s Securities and Exchange Commission (SEC), on Thursday warned Nigerians about investing in bitcoin.
“The public should also be aware that any investment opportunities promoted by these persons, companies or entities are likely to be of a risky nature with a high risk of loss of money, while others may be outright fraudulent pyramid schemes,” the regulator warned.
“Given that these instruments and the persons, companies or entities that promote them have neither been authorised, nor any guidelines/regulations developed for them by any of the regulatory authorities in Nigeria, there is no protection available to users or investors in these virtual currencies from financial losses if the virtual currencies fail or the companies promoting them go out of business.
“The public and consumers of financial services are further advised that before making any investment or entering into any financial services transaction they should ascertain that the entity with whom the investment or transaction is being made is authorised by the commission or other financial services regulatory authority as applicable to provide such services.”
