AFU halts activities of ‘Metaverse Piggy Farm’ due to Ponzi scheme accusations
AFU freezes account of Piggy Farm Trading, accused of running a Ponzi scheme in a virtual ‘Metaverse Piggy Farm’.
The Asset Forfeiture Unit (AFU) has been granted a preservation order to freeze the account of a company that ran a Ponzi scheme where people could buy pigs in a “Metaverse Piggy Farm”.
The National Prosecuting Authority (NPA) said its Pretoria AFU was granted a preservation order of over R43 million on Monday to freeze Piggy Farm Trading (Pty) Ltd’s bank account.
NPA’s regional spokesperson, Lumka Mahanjana, said the company ran a Ponzi scheme where people could purchase up to 50 virtual pigs at R2 750 per pig in a digital “Metaverse Piggy Farm”.
According to Built In, a metaverse is a network of shared, immersive virtual worlds where people can connect with friends, create and play games, work, and shop.
“As it is a virtual pig, the investment is risk-free because the pig gets substituted with another pig in the event it dies,” she said.
“In return for investment, the investor will be paid R550 per month for 12 months, and after 12 months, the pig will be returned to Piggy Farm Trading.”
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