What’s 86FB?
86fb is a football-based sports betting platform which allows investors to place reverse bets on football matches. This means that investors win a bet if their predictions are false. For example, if you predict that a game will end with a 3-2 score, and it does, you lose.
86b is a sports investment company headquartered in Manchester, UK. It was co-founded by city football group (C.F.G Co Ltd) in May 2015.
The platform is jointly owned by three consortiums, including the main investor Abu Dhabi United consortium (ADUG), which owns 78% of the shares, the Chinese cultural industry investment fund and China CITIC Group jointly own 12% and the last 10% is held by silver lake investment group. As you can see, 86fb has a strong background.
86FB Review: is 86FB legit-or scam?
According to my finding, research and investigation from people who have used the platform and I found scam record on 86b already. So, this make us to believe that 86b is scam and not Legit.
Mv review is not onlv from those that have been scammed in the past about 86fb but also from me personally, I lost over 1million Naira and up till now no refund, the reason they gave, 86fb crash due to flutterwave frozen their account. So, they were unable to pay their clients of the money they invest.
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Is 86FB still working?
From December 2021 to now, this 86fb platform has caused a lot of Nigerian investors to lose a lot of money. At first, they paid the early backers in secret to get more people to join. But on April 16, 2022, they stopped paying the investors. This made people worry, and more people withdrew their money, but no one was paid. This is how the platform suddenly fell apart on April 27, 2022.
86FB or 86Z is said to have crashed. You should know that any site that pays you to do nothing is a scam. People call these plans “Ponzi schemes.” Instead of putting your money into these kinds of sites.
In December 2022, Michael Oladele, who was in charge of the Bank Examination Department at the Nigeria Deposit Insurance Company (NDIC), said that different Ponzi scams and crimes related to them had cost the country at least N911.45 billion over the previous 23 years.
Ponzi schemes, also known as pyramid schemes, are a way to double your money by using deposits from new investors to pay off old investors. They work in a slightly cyclical way. This cycle usually breaks when there are a lot of older owners who need to be paid.
This was the case with a plan called Mavrodi Moneybox Mundial (MMM) that came to Africa and promised a return of “30% per month” plus other bonuses that could be earned. The scam hit Nigeria in 2016 and became very famous very quickly before it went down.
The Securities and Exchange Commission of Nigeria says that three million Nigerians lost N18 billion when MMM failed in 2016. These bad things happened to Nigerians who “invested” in this scam to double their money.
People in Lagos have been told to call their emergency numbers if they see someone trying to end their life because of the failure of MMM. Unfortunately, there have been several suicide attempts.
There are, however, still Nigerians who fall for Ponzi schemes as a way to make money. The 86Fb plan is one example.
In 2022, 86FB, an investment platform that focuses on football and says it works with William Hill, a big international online gambling company based in London, England, became famous in Nigeria. Back then, some of its workers said that 86FB ran a reverse betting site where investors could make 3% of their money every day (90% monthly ROI) if they followed the plan that 86FB gave them.
All the promises of big returns on investments turned out to be too good to be true. The site promised ROIs, which quickly got a lot of Nigerians interested.
So, the sports betting site said in a statement that Flutterwave was working with the police to freeze its account, which meant it couldn’t pay investors.
After the problems, Flutterwave said in a statement that it did a regular check of the transactions and Know Your Customer (KYC) of its registered customers. This showed the sketchy activities of the unregistered 86FB/86Z scheme, which is why it decided to stop the platform’s account.
It turned out that some of Flutterwave’s straight merchants were processing 86FB/86Z transactions without permission from the fintech company.
“As part of our investigation, we found direct Flutterwave merchants who were handling 86FB/86Z transactions without our permission or permission to do so on the Flutterwave platform.” Because of this, we told the sellers to stop processing and stopped letting them use the Flutterwave platform. We also paid these sellers all the money they were owed. The message said, “Flutterwave does not hold any funds that are owed to merchants at this time.”
86fb Vs 86z – Difference Between 86fb and 86z?
86z football investment platform is an upgrade version of 86b football investment platform. There’s no much different in the two platform.
Should I invest in Ponzi Scheme Like 86fb?
A Ponzi scheme is just an illegal way to earn money. The scheme, which is named after the 1920s con artist Charles Ponzi, offers steady, high returns with supposedly very little risk. Such a plan might work for a while, but it runs out of money in the end. So, people who want to invest should always be wary of deals that seem too good to be true. SO DO NOT INVEST!
Ponzi scams and other types of investment fraud are called securities fraud or commodities fraud by the government. Most of the time, these cases also involve other crimes, like wire theft.