Ponzi scheme website down for 24 hours

The website of the latest Ponzi scheme in town,

Members of the Ponzi scheme were not able to login since yesterday, Thursday, November 1, 2016.

"Be right back. We are currently updating the site to give you a more pleasurable experience and will be back online shortly.

Our update estimation is to be complete over the next 6 – 12 hours.

Thank you,

Peter Wolfing" read the message on the website when it was down.

The Twitter account also acknowledged that the website had crashed. "Sorry for d inconveniences the problem of accessing d website has caused all day. It is currently being worked on n will be back up shortly" tweeted the Ultimate Cycler Nigeria account.

The website was back up early this morning, Friday, November 2, 2016. According to the Twitter account, the website was down because the servers were being upgraded.

The popularity of Ultimate Cycler has increased tremendously within the last few weeks. The Ponzi scheme promises better returns than MMM.

The hook for Ultimate Cycler is this; sign up by and paying N12,500 to a fellow member you registered under. When your donation has been confirmed, the Ultimate Cycler admin puts four people under you who will pay N12,500 you resulting in N50,000. In summary, pay N12,500 and get N50,000.

ALSO READ: Other Ponzi schemes, Ultimate Cycler, iCharity come for Nigerians' money

When you have four people under you, Ultimate Cycler bumps you up to the second level. In this stage, you will pay N25,000 from your N50,000 largess to a grade 2 member. After this, the system will put 16 people under you who will pay you N25,000. At this stage, your grand total will be N400,000.

The CBN has not yet issued an official statement about Ultimate Cycler.