MMM Nigeria Ponzi Scheme Ditches Naiira In Favor of Bitcoin

The MMM pyramid scheme is planning a return to Nigeria shortly. Company officials have indicated they will no longer accept Naira deposits, and replace it with Bitcoin. It is not surprising to see this Ponzi Scheme acknowledge Bitcoin’s success throughout 2017, even though this change will only lead to more negative associations for the cryptocurrency.

MMM Nigeria Wants Your Bitcoins

Back in December of 2016, MMM Nigeria decides to freeze accounts of over 3 million participants. At that time, it was unclear why this decision was made, and things have remained virtually unchanged ever since. A lot of people cannot access their own funds, and no withdrawals have been honored since December 13.

But the MMM Ponzi Scheme is far from done, as they will relaunch the service in Nigeria shortly. According to a company statement, deposits and withdrawals in Naira will be removed altogether. Instead, the “company” will use Bitcoin. With its non-refundable and pseudonymous traits, Bitcoin makes a lot of sense for pyramid schemes such as MMM Global.

As of last week, MMM Nigeria members have been asked to perform new promotion duties. As these tasks are completed, the affected users expect to see their account unfrozen shortly. It remains unclear if that will be the case, though, as a lot of funds remains locked up in custody of MMM Nigeria right now. These tasks in question have to be performed online and offline, which indicates a lot of MMM Nigeria spam will come to all social networks over the next few weeks.

Bitcoin has been the best performing currency of 2016, and it is only normal companies give this popular cryptocurrency a second glance. Unfortunately, that also means less legitimate investment opportunities will come along. MMM Nigeria is an excellent example of a company trying to capitalize on Bitcoin’s momentum with the sole goal of defrauding investors.

MMM Nigeria users will need to convert their MAVRO-Naira to MAVRO-BTC holdings if they want to partake in the relaunch of the service. The company still guarantees up to 30% monthly returns if users actively complete tasks on the platform. Users will also be able to swap back to Naira if the Bitcoin value would decline sharply. Rest assured no one would be able to withdraw funds anytime soon.

Header image courtesy of Shutterstock