MMM, nicknamed “Monkey Money Magic” by some, announced its return on Friday, a day ahead of Jan. 14 it had announced in December when participants’ accounts were frozen. Nigerian participants in the Ponzi scheme have been jubilant, to the surprise of many non-participants who have regarded the scheme as a fraud.
Sergey Mavrodi, MMM founder, has issued a statement warning against panic withdrawals. For good measure, he says, MMM is placing a limit on the amount of withdrawals per day.
He calls on the media to “leave the scheme alone”.
Mavrodi: “The holidays are over, and we’re now open. Just as promised. (You might have already noticed that we always stick to our promises),” Actually, we promised to be open on January 14, but we’re open now, January 13, as you can see, which is a day earlier. (Well, I hope, the members of the System will forgive us for that).
“It’s related to the hysteria raised by the authorities and the mass media around MMM. By joining forces, they’ve managed to nearly give the members of the System a heart attack and have frightened them out of their wits.
“Poor souls don’t know what to expect. Will we open again or not? This is why we’ve decided, considering the situation, to reach out to the members, reassure and cheer them up by opening a little earlier.”
He continues: “As of this notice, MMM resumes its usual operation. You can now create your GH-requests. However, it’s obvious that panic will reign in the first few days after the re-opening of the System. We’re likely to be deluged by GH-requests.
“Therefore, we’re going to make gradual paybacks by setting internal output limits. In other words, we will only pay a certain amount per day. Please, be prepared to wait for a couple of days. We are certain things will then calm down, and the System operation will return to normal.
“We’re the ones setting the limits, so it’s completely under our control, and we are not expecting any emergencies in principle. Have no fear and go on about your business as usual.
“As the System is socially oriented, we will make paybacks to the poor and the economically disadvantaged in the first place: it means to the members with small PH amounts.
“The richer can wait. Moreover, we’ve warned you repeatedly to only provide help with amounts that are not critical for you. Therefore, if these large amounts are not critical for them (the richer), they can wait a few days. No need to be tragic about it.
“This is the way it’s going to be. I’d like again to call on the authorities and the mass media: Please, leave us alone! Have mercy on people.”
A run on the scheme is inevitable. It is therefore likely to shut down again and again, as many will seek to withdraw their money while an insignificant few will “invest” their money.