Sergey Mavrodi: Russian king of the pyramid scheme branches out into Bitcoin

Russia's Infamous fraudster, Sergey Mavrodi, has pulled off a masterpiece of a scam using Bitcoin and a veneer of Marxism.

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Sergey Mavrodi: one of Russia's most infamous fraudsters

Sergey Mavrodi is one of Russia's most infamous fraudsters in recent history; millions have lost their savings because of his MMM pyramid schemes. "But who sticks to Russian babushkas when there's a much bigger, hungrier and more speculative market just round the corner," asks FT Alphaville China, where Mavrodi's latest MMM Global and MMM China schemes have gone viral, not least because, "for added Ponzification value", they've been tied to Bitcoin.

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