Reactions are coming in from South Africa.. People from South Africa are alleging that this is the same way MMM crashed in their country… and we couldn’t help but make a little research.
Find below a report by some media outlets in South Africa, the day MMM announced they were going on a break:
Controversial “donation platform” and alleged Ponzi scheme, MMM South Africa collapsed and rebooted amid what it calls a “media panic”.
In a notice posted to participants of the scheme after it happened, 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: