In recent weeks, a suspicious new platform called PowMining has been spreading fast in Jos and other parts of Nigeria. It’s being paraded as a crypto mining investment that guarantees daily profits. But don’t be fooled — this is shaping up to be yet another Ponzi scheme in disguise.
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PowMining claims that users can invest in virtual mining hardware and earn daily income. The idea sounds tempting, especially during economic hardship. But a deeper look reveals all-too-familiar warning signs.
Red Flags You Shouldn’t Ignore
- No verifiable company profile
- No registration with any recognized financial authority
- Promises of unrealistic daily returns (up to 4–5%)
- Dependency on new investors for payouts
- Aggressive referral-based earning model
These are the trademarks of a Ponzi scheme — early users are paid from the funds of new users. Once sign-ups slow down, the entire system crashes.
We’ve Been Here Before
Nigerians have suffered massive losses in the past from similar scams like:
- MMM Nigeria
- Ultimate Cycler
- My Wise
- Twinkas
- Loom
- and recently, Africrypt
Despite repeated warnings, people still fall for these traps due to promises of “easy money.”
Why we should Be Cautious
Ponzi schemes prey on vulnerable communities and exploit financial desperation. In cities like Jos where unemployment and inflation are rising, platforms like PowMining can quickly gain traction — and cause mass damage when they inevitably collapse.
Investigation by headlineawave.ng reveals that they have started recruiting people and forming several groups in the social media in Jos, just as they are doing same in major cities across Nigeria. A lot of people are registering and recruiting innocent people to join
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The Way Forward
- Don’t invest in platforms you don’t understand.
- Avoid schemes that guarantee high returns with little or no risk.
- Educate others about financial scams.
- Report suspicious schemes to authorities or financial regulators.
PowMining is not the financial breakthrough it claims to be. It is another ticking time bomb that will leave many in tears. Let’s stop the cycle. Share this information with your loved ones.
Say NO to PowMining. Say NO to Ponzi schemes.
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