NairaEx Blog Providing latest news and announcements related to the NairaEx website as well as the general cryptocurrency in Nigeria.

Public Warning on Ethereum Million Money Scam


Million Money is a new fraudulent scheme, operating under the pretense of a legitimate Ethereum blockchain project. The scheme has gained more popularity since it sprung up in 2019.

False Representations of Million Money

Million Money is an attempt to mimic traditional blockchain applications on Ethereum. It purports to use a smart contract that automates secure and automatic payments. The application is presented as completely decentralized with an instant member to member payment. This is false.

Its representations couldn’t be further from the truth. Supporters of the scam claim that thousands of dollars can be made from small investments in the scheme. This is untrue. While some people claim to make money on the platform, most people (like with MMM) will lose money in the long-run. Various people on Twitter and other sites have labeled the project as a scam.

A lot of supporters of the project often make assertions that the project is not a coin scam but rather an Ethereum-based investment platform. In truth, many are oblivious of the fact that Peter is being robbed to pay Paul. As with many Ponzi schemes, some people may make some money in the short-run but many will lose out once the frontrunners of the program choose to pull the plug on the project and collect all the fruits of their scheme.

False Promises of High Returns Matched by High Risks

Million Money lures users in by promising high returns for low-cost investments. Upon downloading the “wallet” of the application, users are asked to deposit a small amount of ETH. After making their deposit, users are instructed to gain referrals in order to increase their returns. Users that make a high amount of direct or indirect referrals are able to increase their returns from the application.

Like MMM, little transparency is offered on the use of “investors” funds. This means that it is almost impossible to tell if your money is being invested in other schemes. As a result, you have very little idea about how secure your funds are. 

An Avoidable Pyramid Scheme

It is important to avoid pyramid scams that lure people in with unrealistic dreams of making it big. For the most part, the people behind Million Money are unknown. This should be one of many red flags to consider when trying to determine whether a project is a scam.

Fraudulent projects like Million Money should not distract you from the utility of viable and proven technology like Bitcoin and Ethereum. You are encouraged to avoid unnecessary risks by carrying out thorough due diligence on “investment opportunities” you are unsure of. 

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By NairaEx
NairaEx Blog Providing latest news and announcements related to the NairaEx website as well as the general cryptocurrency in Nigeria.