photo taken from http://www.correctng.com
On the morning of March 27th, according to the latest news from tass.com of Russia’s Tas, the famous Ponzi scheme “MMM Financial Pyramid” and the founder of MMM Financial Mutual Assistance Community, Sergei Mavrodi, had a heart attack. March 26 died in a Moscow hospital. Currently, Wikipedia has updated Sergei Mavrochi's profile.
In the 1990s, the three brothers headed by Sergei Mavrodi set up a MMM investment company named after their tribal initials, claiming that as long as they invest 100 US dollars in MMM, they can recover within half a year. For $500, the annual return is as high as 400%. In just six months, MMM has absorbed hundreds of billions of rubles for its "pyramid" investment return program.
On July 22, 1994, the Russian government suddenly stated publicly that the government was skeptical of the 400% annual rate of return promised by MMM, and the government did not guarantee the safety of investment in MMM. At this point, investors realized that the tempting commitment was merely a kind of deception. The confidence wavered and stopped investing and demanding payment. The pyramid collapsed completely. After the MMM scam was shattered in Russia, Sergey Mavrochi was sentenced to imprisonment for four and a half years. After his release from prison, Sergey Mavrochi made a comeback in 2011, creating the "MMM Financial Mutual Assistance Platform," which pioneered the mutual-finance of the Internet to make money and conduct global operations.
The MMM financial mutual aid platform was also introduced to China in the early years, and it derived many financial scams that mimicked the MMM financial mutual help platform. Sina Technology once reported for the first time in 2015 that the MMM scam Chinese victims “30% of MMM monthly interest rate has been referred to the Ponzi scheme: People with cash withdrawals have slowed down” and the central bank also warned that “once the capital chain breaks, investors will Faced with serious losses," however, there are still investors entering this MLM game.
After Mavrochi’s transformation of the MMM financial mutual assistance platform, people who want to become MMM members want to buy bitcoins and win rewards online for the high profits they are unlikely to receive. The media pointed out that this wave of turmoil has pushed bitcoin prices from less than $200 in September 2015 to over $500 in early November.
It is alleged that Sergei Mavrochi left about 140,000 bitcoins for subsequent generations. Once these bitcoins enter the market, they will cause a new round of attacks on the currently falling market.