For many people who think MMM Global and its other affiliates are the biggest to have ever entered Africa, then you will need to do your research more. KIPI is it. Popularly called KipiMyDeposit (with the domain name- kipimydeposit241.com).
It was founded and operated in South Africa and would forever be remembered by all its citizens whose dreams were dashed
KIPI was the largest because at the time it was in its prime, KIPI had a total of 20 million members who joined the Ponzi Scheme to ‘unlock their dreams’. However, everything soon went up in smoke when KIPI could not pay its members to ‘unlock’ their dreams.
Since all Ponzi Schemes will end up failing at a point, but KIPI jump started its own collapse before mathematical probability seals its faith.
Firstly, the scheme increased its subscription fee from 0.0698 BTC (Bitcoin) to 0.1 btc and the corresponding increase in bitcoin price from ZAR3 000 (South African Rand) per BTC to more than ZAR6 000 per BTC. This was a disadvantage to old and its existing members. Many of them started withdrawing their funds after expiration of the required six month and they stopped ‘creating new dreams’.
Another nail on its coffin was when KIPI was hacked and many accounts in the system lost most part if their funds to hackers. Instead of replacing stolen funds, KIPI did nothing to appease members. This was reported by its members to have caused serious disenchantment and panic amongst its members.
The final reason that precipitated its death was the flurry of new members who flocked to the scheme. In 2014 alone, the scheme raked in over 2 million new members who mainly created long term ‘dreams’ with the hope of getting out at least 2o times their invested funds.
Towards the end of 2015, KIPI was already having over 7 million locked in members who were waiting in line to get their funds. The system collapsed under its own weight as it could definitely could not continue to fulfill dreams (payout) to old members as new dreams were slowing down.
There are rife allegations that the management of KIPI orchestrated the hack to get out funds to themselves before the scheme finally collapses.
At the end of the day, millions of South Africans lost millions of Rands to KIPI and its faceless owners. Some of its disenchanted members are angry that their funds has gone with the wind:
Zhakele Sema (not real names) said ‘I received a massage that my dreams were blocked, I need 2 pay a subscription fee,so that my dreams could start growing,& I paid a subscription fee last year,my dream had 2 mature somewhere in September / October this year!I no longer trust this schemes shame’.
Till date no word from the ‘company’ when members will get their money.