Despite incurring great losses ( an estimated N18billion) at the crash of the last Ponzi scheme that took Nigeria by storm, Nigerians have once again welcomed with open arms, LOOM- a new ponzi scheme.

HOW LOOM WORKS

Individuals, otherwise called agents of the ponzi scheme make their own WhatsApp pages so you’re asked to join a TobiLoom or a ShadeLoom group chat on WhatsApp.

Once you are invited to a loom WhatsApp group chat, you are asked to give a sum of 1,000, 2,000, 4,000 or more with the promise that you’ll make eight times the amount once you can get more participants to join.

The money is distributed by hierarchy and the person in the middlle usually is the next person to cash out. The pyramid usually looks like this

Reports of people losing varying mounts of money into this ponzi scheme has started surfacing online.

Our Opinion: Stay clear of it.Don’t do it. Don’t even try it. Ponzi schemes are bound to crash sooner or later. Don’t be part of the people caught in the web when it crashes. Keep or invest your money in legit transactions only. Please, stay clear of Loom!