MMM Global has announced that it is closing its Republic of Bitcoin, a website promising upwards to 100% returns on donations. The company, called a “Ponzi” scheme yesteryear many, stated inwards a blog that the Republic of Bitcoin was an experiment that has failed. The post service said the Republic of Bitcoin is closing because it could non pay 100% per month. MMM required participants to donate funds to larn “Mavro,” which look to locomote a dot system. The site indicated a yield of 100% calendar month was possible.
Participants’ “RB-Mavro” accept transferred to MMM-structures inwards participants’ countries, the post service said. In countries alongside no MMM construction working, such a construction volition locomote created inwards 2 weeks.
Site Gave Weekly Updates
The MMM Global website provided weekly updates as well as made references to “financial apocalypse” beingness inevitable. The website said MMM is non a bank, does non collect “your” money, “is non an online business, HYIP, investment or MLM program. MMM is a community where people assist each other.”
The Chinese authorities warned citizens that MMM Global operated illegally inwards that country, according to EconoTimes. The study noted MMM Global was registered inwards Russian Federation as well as its servers were non located in China. Fin24.com, a South African website, reported that Sergey Mavrodi, who diverse intelligence reports holler to equally the individual operating MMM Global, has gone into hiding. The study said MMM South Africa was i of nine companies the South African Police Services Specialized Commercial Crimes Unit is investigating. Behind MLM, a site that reviews multi grade marketing (MLM) activity, reported on Dec. 10, 2015 that at that spot was no data on the MMM Global website indicating who owns or runs it. The study noted the website domain was registered on Feb. 4, 2014, but the domain registration was develop to private. Site Flourished In Nigeria
Last month, Ventures Africa reported MMM Global was flourishing inwards Nigeria despite the fact that China as well as South Africa warned their citizens against it. Ventures Africa reported that inwards Jan the depository fiscal establishment accounts of an investor inwards MMM Global in South Africa were frozen due to violating the Consumers Protection Act.
A Reddit post five months agone noted that the Republic of Bitcoin is a rerun of a Ponzi scheme.
