Popular Fuji musician, Alhaji Yusuf Adebisi popularly known as Taye Currency has shared his experience of falling victim to a purported Ponzi scheme operated by Crypto Bridge Exchange (CBEX), losing N10 million in the process.
In a video that has been widely shared on social media platforms, Taye Currency opened up about the incident during a live stage performance.
The musician revealed that he was introduced to the investment scheme by some of his close friends, indicating the trust he placed in their recommendations.
Advertisement
To order your copy, send a WhatsApp message to +1 317 665 2180
The fuji star said, “On April 1, Sodiq came to my house and said Lateef, the brand manager, had collected some money and also introduced Alaba and Small London had also collected their money, and Brother Muca
“Alaba used N1.2 million he stole from the stage to invest in CBEX. Brother Muca also put in his work fee of N500,000. Sodiq used the money he was saving in the band, N850,000. Lateef invested N1.4 million.”
The singer revealed that it was the success of his associates in the scheme that made him invest in it too.
“Lateef said he used N200k to collect N600k, and I got motivated. I withdrew the money I had saved with insurance, see my life in the open. I invested N10m in CBEX on April 1, but everything vanished,” he lamented.
In the footage, a visibly upset Currency lashed out at those who introduced the scheme to him, saying: “If they die well, they won’t rest well, because I was on my own before you took me to CBEX.”
Taye Currency disclosure about losing such amount of money to the Ponzi scheme has contributed to the escalating public anger over the platform’s collapse.
Recent reports indicate that CBEX, which had promised users a 30% return on investment within just one month, has left thousands of Nigerian investors in a state of panic and despair.
It was reported that the platform suddenly became inaccessible, with users unable to withdraw their funds and account balances being wiped out. It is estimated that investors have incurred losses amounting to over N1.3 trillion.
The Securities and Exchange Commission (SEC) has confirmed that CBEX is not registered to operate as a digital assets exchange in Nigeria and has advised the investing public against transacting with the platform.
Investigations have uncovered links between CBEX and other entities such as ST Technologies International Ltd and Smart Treasure/Super Technology.
