Bloomberg Businessweek

Nigerians Battle Bitcoin Scams

The country’s embrace of the cryptocurrency yields some old-school fraud protections
Oluwadola, a cryptocurrency peddler in the northern desert city of Kano, sits in the hotel lobby where he often does business

Depending on your feelings about Bitcoin, it may seem appropriate that Nigeria’s love for the cryptocurrency began with a scam. Mavrodi Mondial Moneybox (MMM), a 30-year-long global Ponzi scheme that began in Russia, roped in millions of Nigerians from late 2015 to the end of 2016 with promises of 30 percent returns in as little as 30 days. When the government began to crack down on bank accounts linked to the scheme, MMM’s operators cut the banks out and started requiring victims to

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