Depending on your feelings about Bitcoin, it may seem appropriate that
Nigeria’s love for the cryptocurrency began with a scam.
Mavrodi Mondial
Moneybox (MMM), a 30-year-long global Ponzi scheme that began in
Russia, roped in millions of Nigerians from late 2015 to the end of 2016
with promises of 30 percent returns
in as little as 30 days.
When the government began to crack down on
bank accounts linked to the scheme, MMM’s operators cut the banks out
and started requiring victims to use Bitcoin.
By the time MMM suspended
its payouts, shortly before Christmas 2016, it had robbed an estimated 3
million people in Nigeria—where the per capita annual income is less
than $3,000—of $50 million.
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