Akwa Ibom State University (AKSU) is a conventional academic institution whose vision seeks to keep aflame the pursuit of Knowledge, Excellence and the spirit of enquiry. AKSU also offers opportunities for Learning and Leadership, Service and Self-actualization to all mankind, towards a Peaceful, Humane, Prosperous and just Society.

Friday, December 2, 2016

Fear grips Nigerians in MMM and others, as ponzi website (Ultimate Cycler) crashes

One of the ponzi schemes in Nigeria, Ultimate Cycler has crashed, sending panic waves across many of its Nigerian members who have invested their money in it as well as those who have equally invested in others such as MMM.  The ponzi website, Ultimate Cycler went down early Thursday morning, specifically around 10:30am (Nigerian time), shutting out every member who owns an account with it. 

When accessed, the site initially displayed an error line of code, before displaying ”Error 500” in bold letters, then it proceeded to display another message:  “Be right back. We are currently updating the site to give you a more pleasurable experience and will be back online shortly. Our update estimation is to be complete over the next 6 – 12 hours. Thank you, Peter Wolfing.” 

Ultimate Cycler is a new ponzi scheme that followed MMM. This new money doubling scheme claims a promise of better returns on invested money than MMM. The hook for Ultimate Cycler is members get a return of  N50,000 after paying N12,500 to a fellow member he or she registered under. As at the time of filing this report, the ponzi website has still not come to life. Dangers for members who have invested in it or others like MMM is that when such websites go down, chances are that it never comes up again and hence, “investors'” money goes with it. 

As of the afternoon of Friday (02/12/2016), an offline version of the site was running via cloudfare technology. What has happened to the original LIVE site? Will Ultimate Cycler ever come back to life? This are some of the question on the mind of every member.

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