My 24 Hour Income collapses (again), withdrawal noose tightened
The dilemma of a Ponzi scheme is paying affiliates enough to keep them around, without exhausting funds invested.
Mathematically this is a zero-sum game. Once funds paid out eclipse funds invested, it’s game over.
Trouble is a Ponzi scheme always promises to pay out more than invested. This ever-growing liability always triggers an eventual collapse.
For My 24 Hour Income that was December last year. Amid the usual Ponzi claims of hackers, DDOS and frozen funds, My 24 Hour Income ran out of money and went down for over a month.
When it returned in January, affiliates had to reinvest up to 90% of any withdrawal requests they made.
That lasted a few weeks before My 24 Hour Income collapsed again a week or so ago.
This time around it was something to do with bitcoin processor problems. Despite a bitcoin transaction taking on average about ten minutes, My 24 Hour Income admin Drew Burton was telling affiliates it was taking days.
Last I checked in Burton was promising to revert to “the old bitcoin system” in “twenty-four hours” if the delays weren’t remedied. That was a few days ago and it appears that didn’t happen.
Now Burton (right) has pulled the My 24 Hour Income site offline again, with a return promised in a few weeks.
The “official” reason for this latest collapse (anything other than admitting paying a 130% ROI isn’t sustainable), is the implementation of KYC.
Burton claims he feels it’s a ‘crucial step to add KYC to my24 for stability of the system … and really clean it up.‘
The reason for this is “fake accounts” and “hackers”.
When it was up, the My 24 Hour Income website boasted of paying out millions in ROIs. This is not good for a Ponzi scheme and so now Burton is doing everything he can to plug the faucet.
Before a member make the first withdrawl [sic] they would have to summit a KYC document (know your customer) and it be verified by admin to make your first withdrawal.
So we don’t end up paying out fake accounts that are created in the system by the hacker. Or stacked accounts that were created by members trying to cheat the system through referral commission on 3 levels.
We learned how many fake accounts there were in the system when payeer denied access for withdrawals for the US members.
We started to see our payeer fund build much faster and found close to 280 stacked accounts or fake accounts created in the system by hacker.
Despite being unable to withdraw anything, Burton claims anyone complaining ‘are the ones with stacked accounts or fake accounts created by the Hacker‘.
To address these complaints, Burton plans create a new private My 24 Hour Income Facebook group.
This will clean out a ton of negative people and comments seeing I believe the majority of these negative comments are from people that just want to see harm to my24 system or are not even members of the my24 system anymore because of the cleaning of our member base.
What this actually means for My 24 Hour Income investors is anyone caught complaining in the private group will forfeit their investment and be terminated.
When My 24 Hour Income first collapsed, Burton froze the accounts of investors who complained for three months.
The closed Facebook group is effectively a “cheerleaders only” rule implementation from the Ponzi playbook. Those who remain will be expected to direct their anger and frustration at “hackers”.
Without regulatory intervention (Burton is based in Canada), My 24 Hour Income investor losses are unclear.
Burton himself however appears to be doing well. A few weeks ago he boasted on Facebook that he’d moved into a new house.
What I can tell you is that no matter what is relaunched in a few weeks, at the end of the day My 24 Hour Income can’t pay a perpetual 130% ROI any more than the rest of the Ponzi schemes out there can.