How did Loom Money Ponzi start, how does it work and how to register

The scheme was first reported in the UK. Then it went viral in Australia, then social media platforms and now it is in Nigeria.

How it works is simple:

First step: You are invited, usually by a friend or relative, to join a Whatsapp group chat
Then you are asked to ‘invest’ N1,000 or N13,000 with a promise that you will make eight times the amount back once you recruit
After you have paid your money, you are asked to invite your own family and friends to join the system.
There are four levels in Loom Nigeria – Purple, Blue, Orange, and Red
Each time 8 people join the loom, the person in the center (Red) will get the target amount and leave.
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.
The more people you manage to add to the circle, the quicker the movement of it, and thus, the easier it will be for you to make your chunk of ‘easy money’.

Loom Money Nigeria promises a staggering easy cash reward of N8,000 for paying N1,000; N104,000 if you pay N13,000

this will be another way to rob Peter and pay Paul, but if you still decide to register with loom Nigeria then you have to do it at the early stage