Popular Ponzi scheme MMM is set to introduce Bitcoin, the popular cryptocurrency as part of its mode of payments when it re-opens.
The Ponzi-scheme promoters last week issued instructions to its participants whose accounts were frozen, to perform tasks, both online and offline, to promote the scheme and drive “traffic and participation” by the time the restriction on the account is lifted.
It would be recalled that despite calls for caution towards the risky Ponzi scheme by the Security Exchange Commission (SEC) and other financial agencies, many Nigerians participated in the scheme which continued to grow until a rude shock last December “froze” some accounts from “receiving help”. The scheme then went on to launch in Kenya.
In the message, MMM told her subscribers that being a member “implies not only opportunities, but also a responsibility for the state and development of the MMM Community”.
In a statement to participants, MMM said “due to the recent sharp price fluctuations of Bitcoin, MAVRO-BTC is being introduced in the system.
“So far, we have only had Mavro-Naira in the system. Even though you provided help via Bitcoin, your Bitcoins, anyway, were recalculated into the Naira at the exchange rate at the moment of providing help, and you were credited with Mavro-Naira in your PO.
“It was the naira amount that grew. In other words, you received 30 percent a month specifically in naira (not in Bitcoins, although you originally provided help using Bitcoins).
“Now, you have a chance to have 30 percent growth of the Bitcoin amount, not the naira amount. So, acquire MAVRO-BTC which will be credited in your PO and will grow at a 30 percent monthly growth rate.
“In a month not only 30 percent will be added to your initial amount, but, it can increase itself due to Bitcoin price growth.
“And, what if Bitcoin price is going to fall? In case Bitcoin price might go down, you will be able to return to naira at any time — instantly convert your MAVRO-BTC into Mavro-Naira (and vice versa, if Bitcoin price might increase again).
“This option is available in PO. You can convert both confirmed and unconfirmed Mavro. We hope that with implementing MAVRO-BTC, your participation in MMM will become more comfortable!”
Several subscribers to the scheme have lost their money in Russia, and reportedly in South Africa.