MMM Zimbabwe made a lot of people rich but
eventually made a lot more poor, typical of any
pyramid/ponzi scheme that has come into
existence.
Yes, the whole concept was to use "spare
money" and this is probably the gospel your
guiders preached throughout your participation
but the truth is many participants succumb to
the lure and excitement of earning "free money"
at 30% interest just because you helped
someone and at some point you would need help
too.
In Zimbabwe, as we later realised, a lot of the
guiders made a fair bit of money, with many of
them converting their "mavros" the MMM digital
currency into BitCoin and bought cars from
Japan and continue to enjoy their money safely
stored in BitCoin wallets, which is probably why
a few weeks ago BitCoin in Nigeria was trading
at an all-time high, they knew this was coming,
and they cashed out before you could.
In Zimbabwe the first signs of MMM Zimbabwe
coming to a halt when the Reserve Bank
effectively distanced itself from any activity
outside of its regulatory scope, they were
powerless to either stop MMM Zimbabwe or help
those who could potentially be affected by its
subsequent demise.
This made a lot of MMM Zimbabwe participants
wonder what exactly was going on to have the
whole Reserve Bank come out and say they have
nothing to do with MMM, confidence still
remained but eyebrows started to get raised.
The smart participants caught wind of possible
system crash and initiated a wave of withdrawals
(GH) which led to another public blow for MMM
Zimbabwe, the mobile payment system they had
adopted as their primary means of transferring
money to each other also distanced itself from
MMM, citing it had nothing to do with any illegal
activities that may or may not be happening on
their platform. Again, confidence remained, but
more eyebrows were raised.
Then MMM East Africa, MMM Zimbabwe's
parent organisation, froze all participants
accounts and promised to have them reopened in
a month after the Mavros system was
replenished. The freezing allowed people to PH
(deposit) but would not let anyone GH
(withdraw) and this left a lot of people confused,
the end of the fairytale ride was truly coming.
After the accounts were frozen, MMM was hit
with increased public pressure which finally
resulted in it reopening accounts, BUT, there was
a catch, the Mavros had lost 80% of their value
and were now trading at 1 USD = 5 Mavro, yet
before it was trading at 1 USD = 1 Mavro,
We suspected that the change in the exchange
rate was meant to prevent people from
withdrawing as they could face massive losses
of up to 80%. But on the other hand, the change
in the exchange rate could have been placed to
lure in new members after MMM promising that
the exchange rate will stabilise back to 1-to-1
news existing members did not take well as new
members would be offered free money while the
old member are stuck in the system due to their
accounts losing 80% of its value.
It was a take it or leave it stand-off between
MMM Zimbabwe and its members, but that
wasn't the end of it, MMM then released another
bombshell by granting participants access to just
1% value of their accounts, this is after the 80%
reduction in value.
This meant that a participant may have had
10000 Mavros, losing 80% value to $2000, but
can only withdraw 1% of that value which is $20,
that is if they are fortunate enough to be
matched with someone willing to Provide Help
(PH). After the withdraw of 1% your account will
be cleared out, leaving you with 0 Mavros in the
system.
This was effectively the final blow and end of
MMM Zimbabwe, very few participants got out
with anything but the few that did are quite
happy with all the hard work they put into
getting new members and "guiding" them
through the system earning bonuses and high-
interest rates.
We were able to catch wind of some official
communication which placed the affected MMM
Zimbabwe Members at 66,000 and had MMM
moving $3 million USD at its peak, a paltry figure
if you compare Zimbabwe's population to
Nigeria's which some media outlets are placing
at a million victims.
Will you ever got your money back? Well its
really up to you as participants but from MMM
Zimbabwe experience the system is effectively
shut down.
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