MMM Global (Sergei Mavrodi)
A Bitcoin-based global pyramid/Ponzi scheme run by Sergei Mavrodi — founder of the infamous 1990s Russian MMM scheme — that promised ~30% monthly returns by having members 'help' each other with Bitcoin 'donations.' Launched around 2015, it spread across 80+ countries before collapsing in 2016.
Also known as: MMM Global, MMM Global Republic of Bitcoin, Sergei Mavrodi, Sergey Mavrodi, MMM
Summary
After his 1990s Russian MMM pyramid (which defrauded millions) and a later conviction, Sergei Mavrodi launched "MMM Global Republic of Bitcoin" around 2015. Members were told to provide "help" (donations) to other members — largely in Bitcoin — in exchange for promised returns of about 30% per month, plus referral bonuses, with no underlying business generating the returns. [1][2]
Collapse
It was a textbook Ponzi: new deposits paid earlier participants. The scheme spread to 80+ countries (with large followings in South Africa, Nigeria, and Asia). It froze accounts and collapsed in 2016, with Mavrodi reportedly going into hiding; researchers who studied its on-chain flows found a large share of participants never profited. Mavrodi died in 2018. [1][2][3]
Bracketed numbers refer to the numbered sources listed below.
Sources (3)
See also
AmanKesar11 Frozen Bitcoin CaseOtherIn June 2026, blockchain investigator reports highlighted a case involving approximately 5.73 BTC (worth roughly $475,000 at the time of freezing) that had been frozen by cryptocurrency exchange Changelly in March 2025. The individual associated with the funds, using the online alias AmanKesar11, reportedly contacted investigators seeking assistance in recovering the frozen assets. During discussions, multiple and conflicting explanations were provided regarding the origin of the funds.
Gala Games exploitTokensOn May 20, 2024 an attacker abused a privileged minter account on the GALA token contract to mint 5 billion GALA (≈$200M+ nominal) and dumped ~600M of them for ~$22M of ETH before Gala froze the address. Gala Games called it an internal access-control failure; the attacker later returned the ~$22M.
This page was last updated on Jun 15, 2026. View revision history.
