The new ponzi scheme in Nigeria, Loom, with no centralised base of operation and founder has crashed quietly, participants in doom.
After MMM, the ponzi scheme that duped many, forcing some to commit suicide, Nigerians still didn’t learn.
MMM in 2016, took the life of some fast-money seeking Nigerians who threw in huge sum into the scheme.
Loom, a ponzi scheme that works by referral just like it’s predecessors have crashed silently. Unlike other ponzi scheme, Loom was operated on a decentralized Whatsapp group.
How loom works.
WhatsApp group of at least 8 people were created and members of a group must pay to the group admin N1,000 each to gain. This means the group admin takes 8,000 at least.
Members of a group, in order to get paid, is now obligated to invite at least 8 persons each who must pay 1,000 to the group admin. After which the group admin takes N2,000 out of N8,000 and gives N6,000 to the member whom invited 8 persons. The tree grows.
How and why loom crashed.
After looming enough cash, the group admin can hand over the group to another unannounced, leaving other members to their doom. The new admin is left to process payments and when enough money has been made, authority is handed over.
You see the unworthy risk there ?
How I know it crashed.
Loom has no website, because ponzi scheme website’s are traffic intensive hence server resources are usually expensive- one of the reasons MMM crashed.
Loom Ponzi scheme starters didn’t want to invest much – how will they gain ?. On that note, decentralised WhatsApp groups were used to operate the scheme.
*A female friend of mine who was an active loom evangelist and owned several groups is now unusually quiet about the scheme.
*A screen-recorded video surfaced on the internet with audio of voice message of a lady ranting over her unpaid cash in a loom WhatsApp group.