This is an old scam that comes up in new forms every so often.
It is generally known as “The Blessing Loom”, but also sometimes as “The Infinity Loom” or “Giving Circle”.
The basic idea is very simple.
The originators recruit new members who pay an entry fee and then recruit further members to pay in. Meanwhile the originators take these entry fees and can back out of the scheme whenever they want to.
It is a form of Ponzi scheme (a.k.a. Pyramid scheme) where new members pay earlier members and the cycle of recruitment continues.
Eventually the scam goes away, only to resurface at some later date.
In 2020, the state of Utah had significant problems with The Blessing Loom as large numbers of people fell for the scam and lost a lot of money. The main version in circulation charged women $100 to join and had the promise of an $800 pay-out.
The picture of an octagon at the top shows 8 names. The idea is that you pay to get one spot and in time your name moves into the middle then all 8 people sent you the money. But, as always with these schemes a few make money and everyone else loses. You cannot make money appear from nowhere except by conning people.
If you have any experiences with these scams do let me know, by email.