Ponzi Schemes: Cryptocurrency Wallet Users Increase in Nigeria Following the Increase in Pyramid Schemes Like Million Money Investment.
Results show that a good number of Nigerians opened new Cryptocurrency Wallets in other to invest in ponzi schemes and other money doubling schemes.
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Most of them have gotten to know about cryptocurrencies like ethereum through this poor schemes claiming to double investors money within a specific period.
The coronavirus pandemic has given room to the rebirth of money doubling schemes in Nigeria. These types of schemes have seen a steady growth since the COVID-19 lockdown started.
“Pyramid schemes are not only illegal; they are a waste of money and time. Pyramid schemes rely on recruitment of new members to bring in money, the schemes often collapse when the pool of potential recruits dries up (market saturation).”
Gullible Nigerians looking to double their money are now joining the popularly known pyramid scheme; Million Money Investment which claims to double investor’s money in 100 days.
Diutocoinnews have received too many reports on the legitimacy of this particular money doubling schemes which has claimed a lot of people’s funds in Nigeria and at the same time, increasing the number of Nigerians that have a cryptocurrency wallet.
It has also increased the users of the popular binance wallet called Trust Wallet. These schemes are commonly run using the binance Trust Wallet, increasing the number of Nigerians who own a cryptocurrency wallet.
The said money doubling scheme is popular among teenagers, mostly students who have no means to earn money during this lockdown period.
Checking from social media platforms like facebook and WhatsApp groups, this pyramid scheme has eaten deep into Nigerians, who are looking for a faster means of making money.
How This Pyramid Scheme Operates
The founders of million.money is wrongly using the Ethereum smart contract as a selling point for the very unoriginal MLM (Multi Level Marketing) idea.
With the ethereum smart contract, the unknown founders specified (on their website) that the system will be completely automated and secure.
Here is a prove that million money founders (scammers?) know what they’re up to, knowing fully that Pyramid schemes are illegal in many countries; they have devised a way to convince their gullible investors that the website could not be shut down at any time by the government.
“Ethereum smart contracts allow the performance of transactions without third parties. These transactions are trackable and irreversible.”
Take a look at this section of the million.money website assuring interested investors that no one will be able to shutdown the system since it makes use of blockchain technology, which is false.
The system works in many common ways that the popular ponzi schemes like MMM, LOOM and other pyramid schemes have worked in Nigeria. The system works in a way that will require you to refer someone to the platform before you can earn.
See Also: [VIDEO] The Former Governor Central Bank of Nigeria Encourages Students to go for Cryptocurrency Tutorials Before Going into it
Wondering who are the losers? Usually those at the bottom of the pyramid are screwed.
Knowing too well that you will never really know where you will be at on the pyramid when it crashes, why take the risk?
Why invest in a pyramid, knowing too well that it will crash. There are numerous examples of pyramid schemes (past and present) and they all have one thing in common — their crash is inevitable. Save your hard earned money.
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