Ponzi scheme to pay Nigerians in Bitcoins

As part of its grand return on Saturday, January 14, 2017,

MMM Nigeria froze its operations on Tuesday, December 13, 2016, but assured investors that they will be able to get their returns in January.

According to a statement sent to investors "due to the recent sharp price fluctuations of Bitcoin, MAVRO-BTC is being introduced in the system”.

ALSO READ: "January 14th is sacrosanct," MMM Nigeria tells investors

“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 Nigerian 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% a month specifically in the Naira (not in Bitcoins, although you originally provided help using Bitcoins).

“Now, you have a chance to have 30% 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% monthly growth rate. In a month not only 30% 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!" read the statement.

What is a Bitcoin? "It is a type of digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank" according to Google.

The Bitcoin has been lauded as the "best-performing currency in 2016." A Bitcoin is worth $880 currently and N278,293 respectively.