Pretoria – Controversial “donation platform” and alleged Ponzi scheme, MMM South Africa has collapsed and rebooted amid what it calls a “media panic”.
In a notice posted to participants of the scheme, the group said that “persecution against MMM organized by the mass media” has provoked a panic which has forced the scheme to “start all over again”.
The group’s administration said that the scheme’s currency – “Mavros”, named after the scheme’s founder, convicted Russian fraudster, Sergey Mavrodi – had been frozen and were impossible to use.
The group blamed the collapse of the system on media reports and South African banks, which it alleges have hurt and robbed “millions” of people who were part of the MMM scheme.
The scheme said it has started over with a clean sweep, with a plan to compensate users for any Mavro funds which were frozen.
The “old” version of the Mavro currency will be ‘bought out’ through trades of the “new” version of the currency, where equal value would be paid out to participants over six months, using 10% of total trade – effectively placing a debt burden on all participants.
The notice popped up on participants’ dashboards over the weekend (1 May 2016), but was no longer appearing by Tuesday, according to users. The notice was captured and posted to social media, however:
Unfortunately, the persecution against MMM organized by the mass media has provoked a panic. We have been working in South Africa for almost 2 years and we have millions of members. During all that time, we had no complaints and accusations from participants, everything was paid to everyone in time and in full amount, by 30% per month. We held charity events and helped children. We did a lot of useful things for people! Well, who was suffering from this?
The bankers and the adherents of the current unjust financial system. That is why they planned and brought all these crazy investigations and persecution in the mass media. “The only thing which prevents the investigation is the fact that non of the participants reported to the police”. If there are no complaints, and everybody is happy, then what is the investigation for? What is the subject? Did not they understand the consequences? Did not they understand that their irresponsible actions would hurt people? Millions of people! Well, try oppressing any bank, even the most reliable one, in the same way, and see what will happen tomorrow.
However, it is futile to explain that to them. MMM prevents banks from robbing people, that is the only reason why all this is happening. And nobody cares about people. If we managed to pay millions of participants 30% per month for two years (and would still be paying, if the mass media did not lie about MMM!), why do banks not do the same? Why do they offer only a few percents a year? Make your own conclusions. Thought everything is clear right now. You are simply robbed, we have always been saying it. The modern financial system is predatory by nature. It is not for ordinary people, it is for the bankers. Its purpose is financial slavery! And it achieves this purpose perfectly.
In general, in this situation, we have to start all over again. We have no choice. You can see on your own what is happening.
- The current (“old”) Mavros are frozen. Any operations with them are impossible.
- With the development of the system, we will send 10% of the total inflow (of all the PHs) to pay for the “old” Mavro. According to the experience of other countries, we can definitely say that in the normal course of events, all the old Mavro debts will be paid off in about six months.
- “New” Mavros (Mavro bought from the moment of this announcement) are introduced. You can use them on a common basis: to ‘acquire’ and ‘withdraw’ them at any time.
All of this, of course, is not very nice, but it’s not the end of the world. We will quickly pay off “old” Mavro debts, no doubt about it. You just have to wait. (And anyway, you can thank your precious media and banks for this “gift”!). The best thing you can do is just to start participating again, that is all. And you will quickly return everything, even with a benefit. Moreover, now is the most favorable time to participate and invite: in fact, everything starts from the beginning. So do not miss your chance! :-))
We hope for your understanding, Administration.
MMM did not respond to queries by the time of publication.
- Business Tech