Cape Town – Sergey Mavrodi's Bitcoin-based MMM Global Republic of Bitcoin scheme has collapsed, affecting the local branch of MMM Global.
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MMM Global South Africa – its local branch - is one of nine companies being investigated for being an alleged Ponzi scheme by the South African Police Service’s Specialised Commercial Crimes Unit, after the National Consumer Commission’s initial probe in 2015.
The South African “community” has been growing in numbers over the years, as South Africans seek ways to escape debt and poverty. It has even been described as a stokvel by some, and has become an emotive topic for those who buy into it.