The price of the cryptocurrency bitcoin surged yesterday to its highest in more than a year amid a wave of Chinese testimonials for a “social financial network” called MMM, which bears the hallmarks of a pyramid scheme.
New members of MMM have to buy bitcoins to join the scheme, the brainchild of Sergey Mavrodi, a former Russian parliamentarian once jailed for fraud.
The bitcoins are sent to other members of the network as “mutual aid”. Participants are promised a 30 per cent return a month, with bonuses for referrals or posting testimonials online.
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