Barely 24 hours after MMM founder, Sergey Mavrodi wrote an open letter to Nigerian Authorities, criticising the later’s constant attacks on the ponzi scheme, Online platform BreezeReporters reports that MMM Nigeria has crashed.
The administrators of the scheme, early Tuesday, announced freezing of participants’ monies for one month.
In a letter posted on the scheme’s website, MMM said; “As usual, in the New Year season, the System is experiencing heavy workload.
Confirming the severity of constant attacks on the controversial scheme, the statement said “moreover, it has to deal with the constant frenzy provoked by the authorities in the mass media.
“Hence, on the basis of the above mentioned, from now on all confirmed Mavro will be frozen for a month”, the statement partly reads.
Mavro is the general name used to describe participants’ money in the system.
It added; “The reason for this measure is evident. We need to prevent any problems during the New Year season, and then, when everything calms down, this measure will be cancelled. (Which we will definitely do)
Urging participants not to panic, MMM said that “the things are still going well; the participants feel calm; everyone gets paid – as you can see, there haven’t been any payment delays or other problems yet – but!.. it is better to avoid taking risk.:-)) (Moreover, there are almost three weeks left to the New Year.)
By implication, over three million Nigerian participants as claimed by the founder, Mavrodi, who were planning to withdraw their money ahead of the yuletide season will have to wait for one month.
Breezreporters.com recalls that similar scenario had played out in Zimbabwe and South Africa, where participants money were frozen for certain period, pausing the system, only to return with new adjustment in its terms.