With Curses Sent Out on Stage, a Nigerian Musician Says He Lost ₦10 Million to the CBEX Ponzi Scheme.

With Curses Sent Out on Stage, a Nigerian Musician Says He Lost ₦10 Million to the CBEX Ponzi Scheme.

As It Trends. 

One of Nigeria’s popular Fuji musicians, Taye Currency, shocked fans during a live performance by revealing his devastating loss of ₦10 million to the fraudulent Crypto Bridge Exchange (CBEX).

The singer expressed anger and disappointment toward the associates who introduced him to the scheme, which had promised impossibly high returns.

CBEX, a digital investment platform, entered Nigeria in July 2024, enticing investors with promises of 100% monthly returns using a minimum trading capital of $100.

Taye Currency’s investment—drawn from his insurance savings—joined thousands of others duped by CBEX before its collapse.

Losses are estimated at over ₦1.3 trillion, with victims spanning his bandmates and friends who had invested amounts ranging from ₦500,000 to ₦1.2 million.

The scheme was reportedly led by Yahaya Ibrahim, whose alleged affiliations with global organizations turned out to be false.

CBEX thrived on Nigeria’s economic struggles and low financial literacy, using aggressive social media marketing and a referral system to attract participants.

When the influx of new investors dried up, the platform collapsed, leaving many in financial ruin.

Taye Currency revealed that his decision to invest was influenced by friends who claimed they had made big profits.

During his performance, he lamented bitterly, saying, “I withdrew the money I had saved with insurance—₦10 million—and invested it on April 1, but everything vanished.”

He also cursed those who persuaded him to join, stating, “If they die well, they won’t rest well, because I was on my own before you took me to CBEX.”

The Nigerian government has launched investigations through the Securities and Exchange Commission (SEC) and the Economic and Financial Crimes Commission (EFCC) to hold the perpetrators accountable.

The SEC has warned Nigerians against unregistered platforms like CBEX and emphasized the importance of verifying investment opportunities.

This incident serves as a cautionary tale, highlighting the dangers of Ponzi schemes and the importance of financial literacy.

Fraudulent schemes like CBEX remain a global threat, with most victims residing in Nigeria despite its claims of international reach.

Taye Currency/ Instagram.