Home » Uncategorized » MMM Nigeria this is how MMM Zimbabwe crashed

MMM Nigeria this is how MMM Zimbabwe crashed

MMM Nigeria this is how MMM Zimbabwe crashed

MMM Nigeria this is how MMM Zimbabwe crashed

MMM Zimbabwe made a lot of people rich but

eventually made a lot more poor, typical of any

pyramid/ponzi scheme that has come into

existence.

Yes, the whole concept was to use “spare

money” and this is probably the gospel your

guiders preached throughout your participation

but the truth is many participants succumb to

the lure and excitement of earning “free money”

at 30% interest just because you helped

someone and at some point you would need help

too.

In Zimbabwe, as we later realised, a lot of the

guiders made a fair bit of money, with many of

them converting their “mavros” the MMM digital

currency into BitCoin and bought cars from

Japan and continue to enjoy their money safely

stored in BitCoin wallets, which is probably why

a few weeks ago BitCoin in Nigeria was trading

at an all-time high, they knew this was coming,

and they cashed out before you could.

In Zimbabwe the first signs of MMM Zimbabwe

coming to a halt when the Reserve Bank

effectively distanced itself from any activity

outside of its regulatory scope, they were

powerless to either stop MMM Zimbabwe or help

those who could potentially be affected by its

subsequent demise.

This made a lot of MMM Zimbabwe participants

wonder what exactly was going on to have the

whole Reserve Bank come out and say they have

nothing to do with MMM, confidence still

remained but eyebrows started to get raised.

The smart participants caught wind of possible

system crash and initiated a wave of withdrawals

(GH) which led to another public blow for MMM

Zimbabwe, the mobile payment system they had

adopted as their primary means of transferring

money to each other also distanced itself from

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MMM, citing it had nothing to do with any illegal

activities that may or may not be happening on

their platform. Again, confidence remained, but

more eyebrows were raised.

Then MMM East Africa, MMM Zimbabwe’s

parent organisation, froze all participants

accounts and promised to have them reopened in

a month after the Mavros system was

replenished. The freezing allowed people to PH

(deposit) but would not let anyone GH

(withdraw) and this left a lot of people confused,

the end of the fairytale ride was truly coming.

After the accounts were frozen, MMM was hit

with increased public pressure which finally

resulted in it reopening accounts, BUT, there was

a catch, the Mavros had lost 80% of their value

and were now trading at 1 USD = 5 Mavro, yet

before it was trading at 1 USD = 1 Mavro,

We suspected that the change in the exchange

rate was meant to prevent people from

withdrawing as they could face massive losses

of up to 80%. But on the other hand, the change

in the exchange rate could have been placed to

lure in new members after MMM promising that

the exchange rate will stabilise back to 1-to-1

news existing members did not take well as new

members would be offered free money while the

old member are stuck in the system due to their

accounts losing 80% of its value.

It was a take it or leave it stand-off between

MMM Zimbabwe and its members, but that

wasn’t the end of it, MMM then released another

bombshell by granting participants access to just

1% value of their accounts, this is after the 80%

reduction in value.

This meant that a participant may have had

10000 Mavros, losing 80% value to $2000, but

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can only withdraw 1% of that value which is $20,

that is if they are fortunate enough to be

matched with someone willing to Provide Help

(PH). After the withdraw of 1% your account will

be cleared out, leaving you with 0 Mavros in the

system.

This was effectively the final blow and end of

MMM Zimbabwe, very few participants got out

with anything but the few that did are quite

happy with all the hard work they put into

getting new members and “guiding” them

through the system earning bonuses and high-

interest rates.

We were able to catch wind of some official

communication which placed the affected MMM


Zimbabwe Members at 66,000 and had MMM

moving $3 million USD at its peak, a paltry figure

if you compare Zimbabwe’s population to

Nigeria’s which some media outlets are placing

at a million victims.

Will you ever got your money back? Well its

really up to you as participants but from MMM

Zimbabwe experience the system is effectively

shut down.

 

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