MMM “Ponzi scheme” back in South Africa with Bitcoin-based currency

MMM, the “online Ponzi scheme” that collapsed in South Africa in 2016, is offering a Bitcoin-based currency to users, reported Fin24.

The report stated that MMM told South Africans on its Facebook page that “mavro-BTC is being introduced in the system”.

This follows the scheme telling members in 2016 that they could not withdraw their “old rand-based mavros” due to a scheme “reset”.

“MMM South Africa blamed its system’s crash on a media campaign to shut down the Ponzi scheme,” stated the report.

It told South African members to be patient while its “programmers finished updating the system with new mechanics”.

Bitcoin-based currency

On 8 January, MMM introduced a “new mavro-BTC” to its members.

“The new currency is being advertised to its members around the world, including Japan, China, Mexico, as well as in Nigeria – where the scheme also collapsed in 2016,” stated the report.

Fin24 previously reported that a similar global initiative – MMM’s Global Republic of Bitcoin – also went bust.

Now read: Absa sticking with SMS and USSD, despite SIM-swap fraud

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MMM “Ponzi scheme” back in South Africa with Bitcoin-based currency