Sergei Mavrodi Founder, MMM

Controversial lending scheme, MMM will soon join the over 1400 cryptocurrencies in existence if statements by its founder Sergei Mavrov are anything to go by.  Information from the coin’s website shows it is scheduled to launch on the 29th of December.  The Mavro is also touted as the world’s first decentralized multi level marketing structure based on the ethereum blockchain.

Terms of the switch

Mavrodi is offering to replace an earlier launched cryptocurrency with a mavro coin based on the ethereum blockchain. Investors are being encouraged to trade in their old coins for  Mavro is currently trading at 750 satoshis on Yobit. A satoshi is a fraction of a bitcoin.

The crash will be harder this time

Cryptocurrencies have become the rage of the moment due to the over 1500% increase in the price of bitcoin. The absence of regulation, means a holder of a large number of mavro coins could purchase regular or fiat currency, and cash out of the scheme.

MMM (Mavrodi Mundial Moneybox) was founded by Sergei Mavrodi, Vyacheslav Mavrodi, and Olga Melnikova in 1989 in Russia but collapsed in 1994 and was shut down by authorities. It then moved to South Africa and several other countries before starting operations in Nigeria in January 2016. Participants were promised a monthly return of 30%. MMM abruptly shut down in December 2016, with an estimated 3 million Nigerians losing their funds.

 

Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training. He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE). He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy. You can contact him via onome.ohwovoriole@nairametrics.com

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