Few days after the death of Sergey Mavrodi, founder of the financial pyramid scheme, MMM system is going on “pause” mode as an honour.
Within the period of 'pause' mode, Mavrodians (participants) will not be able to provide and get help.
Mavrodi died at the age of 62 on March 26, 2018. His death came as shock to millions of its global participants as the future of the financial pyramid scheme hangs in limbo.
A Moscow-based daily newspaper Moskovskij Komsomolets had reported that Mavrodi died in the Russian capital, Moscow after he felt weakness and pain in the chest area.
In a statement to its participants announcing Mavrodi's death, released by an Administrator, on its platform, MMM said the system has been shifted to a “pause” mode.
“It is impossible to provide and get help; Mavros don’t grow. In the near future, Administration will take a decision concerning MMM’s future and report on it officially. Hoping for your understanding.
“ devoted his life to serving other people. He abstained from conveniences and material benefits, communication with his family and friends in order that no one could influence him and the System. Sergey Mavrodi worked until his dying day: without holidays and vacations. Mr Mavrody always felt his responsibility for the participants and the System. He never pursued any self-interest.
“Sergey Mavrodi is a great man who managed to unite a huge number of people worldwide in the struggle for a single purpose. MMM was his life’s work; he dreamed of changing the world. Sergey Mavrodi, you will always be in our hearts!” the statement reads.
When Business Insider Sub Sahara Africa contacted the MMM ‘faceless official’ in Nigeria, Danny, a consultant and Agent via a chat said the pause mode is temporary and it is a worldwide agreement to honour the late Mavrodi.
On the fear of participants and the future of the scheme, the Agent said the system will soon come back but did not specify a date.
“It's normal for everyone to observe the pause for the founder.” the agent said.
On the Facebook page of MMM Nigeria, a participant wrote: “....that the system is now on pause mode in honour of your departure "worldwide" is a welcome idea.
“The global "pause mode" serves as a perfect time for the Admin to resume with the creation of "MMM COIN" for easy exchange. ....adieu great man Mavrodi.....”
In 2016, the Central Bank of Nigeria, as well as the Nation's legislative arms had issued strong warnings to Nigerians to desist from MMM and other Ponzi Schemes. It was the same period the country's economy contracted by 2.06 percent witnessing its worst economic recession in over 20 years.
This made Nigerian youths to be vulnerable to all kinds of pyramid schemes and betting opportunities that offers quick and multiple incomes.