MMM Resumes, To Use Bitcoin, Pay Small Amounts First

by Ike Obudulu Last updated on August 5th, 2017,

One month after the withdrawal bottom on Nigeria’s online Ponzi scheme, MMM was frozen, the scheme is back with new conditions for its subscribers, some of who have become more cautious.

Some subscribers said while their faith in the scheme has not been eroded with the happenings in the past few weeks, they plan to reduce the amount they put back into the system.

MMM in a letter to participants yesterday to announce the resumption, said subscribers can now use digital currency, Bitcoin for transaction in order to earn more. Citing the recent rise in the value of Bitcoin as a reason to use the digital currency, MMM said when participants give help, “in a month, not only 30 percent will be added to your initial amount, but, it can increase itself due to Bitcoin price growth.”

The Russian Ponzi scheme also noted that due to the high traffic of participants seeking withdrawals, it will place a limit on what will be withdrawn as only those with small amounts will be paid first.

“It is obvious that panic will reign in the first few days after the re-opening of the System. We’re likely to be deluged by GH-requests. Therefore, we’re going to make gradual paybacks by setting internal output limits. In other words, we will only pay a certain amount per day. Please, be prepared to wait for a couple of days. We are certain things will then calm down, and the System operation will return to normal.

“As the System is socially oriented, we will make paybacks to the poor and the economically disadvantaged in the first place: it means to the members with small PH (provide help) amounts. The richer can wait. Moreover, we’ve warned you repeatedly to only provide help with amounts that are not critical for you. Therefore, if these large amounts are not critical for them (the richer), they can wait a few days.”

The letter signed Sergey Mavrodi, blamed the government and the media for the bad publicity, saying “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. I’d like again to call on the authorities and the mass media: Please, leave us alone! Have mercy on people.”

Author

Ike Obudulu

Ike Obudulu

Versatile Certified Fraud Examiner, Chartered Accountant, Certified Internal Auditor with an MBA in Finance And Investments who has both worked for and consulted with some of the world's largest companies on main street and wall street in over 20 countries, Ike brings his extensive reporting and investigations experience to bear on his role as Chief Editor.
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