Has MMM Finally Crashed in Nigeria?

With the news making the rounds, many Nigerians who invested in the Ponzi scheme called MMM, have been running helter sketer in panic to confirm if the story is true.
Has MMM truly crashed? 

This is part of the question presently trending in the country today following the huge followership and attention the Ponzi scheme has attracted these past months.

With the down turn in the economy, Nigerians had continued to witness the births of different ponzi schemes promising great returns for their investment, one of the most popular of the schemes, Ultimate Cycler, has crashed, sending many of its members across the country into panic mode.

The ponzi website, Ultimate Cycler went down early Thursday morning, specifically around 10:30am(Nigerian time), shutting out every member who owns an account with it.

When accessed, the site initially displayed an error line of code, before displaying ”Error 500” in bold letters, then it proceeded to display another message: “Be right back. We are currently updating the site to give you a more pleasurable experience and will be back online shortly. Our update estimation is to be complete over the next 6 – 12 hours. Thank you, Peter Wolfing.”

Ultimate Cycler is a new ponzi scheme that followed MMM. This new money doubling scheme claims a promise of better returns on invested money than MMM.

The hook for Ultimate Cycler is members get a return of N50,000 after paying N12,500 to a fellow member he or she registered under. As at the time of filing this report, the ponzi website has still not come to life.

Dangers for members who have invested in it or others like MMM is that when such websites go down, chances are that it never comes up again and hence, “investors'” money goes with it.

Culled from The SHEET