Regulations
Another Russian politician has publicly criticized Bitcoin, comparing to Ponzi scheme MMM.
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MMM News
MMM was a Russian Ponzi scheme company that was founded in 1989 by Sergei Mavrodi. The MMM company is often referred to as one of the largest fraudulent establishments of all time. Triple MMM meaning is an abbreviation taken from the first letters of the surnames of the company founders. For some time, the founders positioned MMM as an investment company, but — as it met little success — turned it to be a Ponzi scheme. The aggressive marketing of the MMM company reached many people and made MMM a very successful enterprise. It’s also famous for the fact that the vast majority of investors knew about fraudulent nature of the company and still hoped to benefit before the collapse of the scheme. MMM was shut down by Russian police in 1994 and it declared bankruptcy in 1997. Sergei Mavrodi was convicted of fraud in 2007 and given a sentence of 4.5 years in prison. In 2011, he reopened MMM as MMM Global and positioned it toward a worldwide stage.
MMM Nigeria - a prominent multi-marketing Ponzi scheme - has recently announced that it is making a comeback enabling Bitcoin as a form of payment.
2337Developing markets turning on to Bitcoin are experiencing huge variations in the price of buying a bitcoin - and rumors of ulterior motives are beginning to surface.
1456MMM Global hurts Bitcoin business in Africa, Bitpesa Bitcoin exchange warns its users on the need to be cautious.
1371MMM rides on the wings of belief, greed and a failing economy to flourish in Nigeria despite its negative history and bad publicity as a Ponzi scheme.
1169Swiftcurrency.com moves to begin awareness campaign on virtual currencies, with the aim to redeem the industry’s already battered image by Ponzi schemes says Adelola Sokoya.
561Yury Chikhanchin, the Director of the Federal Financial Monitoring Service in Russia warned about the future collapse of the MMM Pyramid Scheme of Sergei Mavrodi in China.
1235Bitcoin price analysts are struggling to identify the rationale behind the sudden price spike in the cryptocurrency’s value as it broke the US$400 mark on November 3, surpassing a market cap of more than US$6 billion.
893Cointelegraph is always keen to bring to readers’ attention anything suspicious in crypto-industry. We’ve been surprised by the sheer audacity of some rogue players still playing a major role in today’s market
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