History
The first known matrix scheme is widely believed to be EZExpo.com, which started the popularity of matrix schemes in 2002. By 2003 more than 200 matrix schemes were in operation, including one which had the same owner as the payment processor Stormpay (TymGlobal). Subsequently TymGlobal and Stormpay were accused of running an illegal Ponzi scheme. Stormpay later claimed to be independent of TymGlobal, and they stopped accepting matrix schemes as customers. Although many have since ceased trading, some schemes are still known to be operating worldwide. The payment processor, Stormpay, is no longer trading.
Read more about this topic: Matrix Scheme
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