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Scammer Mavrodi to Relaunch Mavro on Ethereum

Dec 26, 2017 Posted /  2138 Views

Scammer Mavrodi to Relaunch Mavro on Ethereum

When in the 1990s, Sergei Mavrodi scammed millions of Russians in his pyramid scheme of Moneybox, over 50 people committed suicide. Recently, pyramid builder proclaimed that he is re-launching Mavro, his cryptocurrency on the Ethereum blockchain and has scheduled the launch for 29th of December. The reports by Russia Today stated confirmed his statement as wrote in his idiosyncratic style that the time is changing and he has a lot of work to do. He also remarked that the financial apocalypse is inevitable.

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Sergei Mavrodi got popularity for a pyramid scheme, which was termed as the ‘Mavrodi Mondial Moneybox’, or MMM. Through this scheme, he managed to deceive millions of Russians and the total estimate was $100 million. The media then flooded with the news that people are committing suicide after finding that their money was scammed. The conspirator was jailed and afterwards was released from prison in 2007. However, he exhausted no time and immediately began developing new schemes, which often involved Bitcoin.

The News Media on Mavordi effect

The report by Time in 2011 stated that when he launched a scheme called MMM in 2011, he called himself as Russia’s Bernie Madoff. However, in 2016 Nairobi News revealed that MMM recruiters were actually operating in Kenya, and eNCA was working in South Africa.

Another news article by Russia Beyond revealed that the public Facebook pages are depicting that MMM is getting immensely popular in India with 150,000 followers. Apart from that the third world nations got plentiful followers too, for instance, Nigeria (130,000), the Philippines (60,000), South Africa (30,000) and Brazil (10,000). It was remarked that Mavrodi’s success in the developing world is because of an enterprise called MMM Global, which has been working fiercely to popularize the Bitcoin investment and payment methods.

In an exclusive interview in 2015 with Financial Times Alphaville, Mavrodi claimed that if he refuses to utilize Bitcoin tomorrow, it would plunge down. However, in November 2015, FT reported that Bitcoin price has spiked and clearly it was caused by a dash of Chinese individuals purchasing bitcoins to connect an MMM scheme. During that time, Bitcoin arrived at its record high value and the article went on to quote a user: “Today, on October 31, I received 20 percent interest and [a bonus] as a recommender, for a total of $7,750. I truly experienced the greatness of 3M and the sincerity of all the participants.” Seems legitimate.

The April 2016, was again buzzing with a scheme called ‘Republic of Bitcoin’ collapsing in Nigeria, South Africa and Zimbabwe and the clarifications surfacing that investors would receive Mavros in exchange for dollars and bitcoins, and the tokens could be converted back to dollars. A goodbye message was disseminated, which informed investors that they would no longer be able to receive all of their money back. The reports by The Independent revealed that at that point in time, Mavrodi went into a hiding place and thousands of investors were sure that they have lost their savings. MMM Global then re-emerged in all of these countries at the beginning of 2017 and is currently scattering quickly, according to a report by Quartz. In the past, it has guaranteed monthly returns of either 30% or 100%, depending on the locale. Mavrodi is currently wanted for arrest in Russia.

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Tags: Ethereum Blockchain Ethereum

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