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[ News ] How I Got Scammed On Loom [ Must Read

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Ponzi Scheme Warning Sign, A yellow sign with the words Ponzi Scheme on a keyboard In spite of the bitter experience millions of Nigerians had with various Ponzi schemes in the past, Loom, a similar scheme is making wave among many Nigerians on social media. Checks by PREMIUM TIMES have shown that many Nigerians are already taking chances with the new Ponzi scheme. After a popular Ponzi scheme, Mavrodi Mundial Moneybox (MMM) crashed in Nigeria in December 2016, many who lost their investments in the scheme vowed never to get involved in any form of Ponzi again. But Nigerians have taken to the internet to market Loom for more participation, especially on WhatsApp. How It Works The scheme which was first reported in the UK, then by an Australian media, ABC News (Australian Broadcasting Corporation) as a scam after it had gone viral in Australia, commenced in Nigeria recently. The first step of the process is being invited to join a WhatsApp group chat, usually by a friend or rela