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More MMM victims come forward as losses run into millions

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Cape Town - Stories shared by numerous Fin24 users tell a tale of loss, regret and disillusionment, with victims losing anything from R500 to a combined toll of R1.3m from a single family group.

MMM, the online Ponzi scheme that collapsed in South Africa and Nigeria in 2016, started a new recruitment drive and a fresh pyramid this year, offering a Bitcoin-based currency to its users.

A user has this to say about Bitcoin: "The trick about this MMM is they eat people's money through Bitcoins... We know that one person can open even 100 Bitcoin accounts, all of them having different account numbers and you can't trace a Bitcoin account like we do in bank accounts, so that's how they take people's money."

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