While still freezing funds of its confirmed accounts (members who have invested), MMM Nigeria has disowned Mavrocoin.
Mavrocoin is a supposed cryptocurrency that has been linked to MMM Nigeria.
To distance itself from what it called it a ‘scam’, the Ponzi Scheme sent out a message distance itself from Mavrocoin. See the message below:
Regarding your recent inquiries about a cryptocurrency, called Mavrocoin, please keep in mind that it is a scam.
On its website, Mavrocoin copied hook line and sinker the ideology of MMM Global saying:
This is a community of ordinary people, selflessly helping each other, a kind of the Global Fund of mutual aid. This is the first sprout of something new in the modern soulless and ruthless world of greed and hard cash. The goal here is not the money. The goal is to destroy the world’s unjust financial system.
For many years since MMM Global has been running such schemes, it has never created it’s own cryptocurrency. It has been using Bitcoin, the most popular and valuable cryptocurrency in the world.
Early this year, Sergey Mavrodi was quoted to have boasted that transactions on his MMM Global has propped up the demand for Bitcoin which invariably led to the increase in the value of the digital currency.
MMM Nigeria has not given much details about the disclaimer on Mavrocoin. Over the pass six months, more than 15 different Ponzi Schemes have been created.
Most of these schemes do not only claim allegiance to Sergey Mavrodi, but they use the same mode of operation with MMM Nigeria.