Loom Money Ponzi Scheme - Legit or Scam
Loom Ponzi scheme
The latest Ponzi scheme in Nigeria called Loom is now taking over social media's targeting young people to participate in a pyramid scheme.
Years back, during the era of Pennywise, MMM, and the likes, a lot of Nigerians lost their hard-earned money to these Ponzi schemes while those that cash out are the early birds.
Nigerians who lost their hard-earned money to these Ponzi schemes have vowed not to take part in any other Ponzi scheme. To our surprise, the range in which loom is reigning on most social media is getting to the peak and it looks like most of those that vowed not to partake in any Ponzi scheme have had a rethink.
How Does Loom Works?
The scheme which was first spotted 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 in early 2019.
- The first step of the process is being invited to join a WhatsApp group chat from your contacts or other means. Then you are asked to ‘invest’ N1,000, N2,000, or N13,000 with a promise that you will make eight times the amount back once you recruit new
- After you have paid in the money to a person in the middle of the pyramids account, you are asked to invite at least one person to join the system.
- There are four levels in Loom pyramid Nigeria – Purple, Blue, Orange, and Red.
- Each time eight people join the loom, the person in the center (Red) will get the target amount and leave the group. Each time eight people join the loom, the person in the center (Red) will get the target amount and leave the group
- The loom will then split into two groups. The top half and the bottom half become the new looms and everyone moves into the next level (Purple Level – into Blue Level – Into Orange Level) and the cycle begins again.
So the more people join the group and pay to the person in the middle (Red) of the pyramids account the faster the cycle increases. Then what happens to the last person that joins the scheme? You know the answer.
Taking part in the loom is very risky, is either you cash out or lose which is 30% to 70%, is either you Doom or Loom
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