Fuji musician Alhaji Taye Adebisi, better known as Taye Currency, has shared his experience of losing N10 million to an alleged Ponzi scheme run by Crypto Bridge Exchange, commonly referred to as CBEX. In a viral video from a recent performance, Taye Currency recounts how he was drawn into the scheme by some of his close friends.
On April 1, Sodiq visited my home and informed me that Lateef, the brand manager, had already made some money from the scheme and had also brought in Alaba and Small London, who had collected their funds, as well as Brother Muca,” he explained.
He elaborated on how his associates had invested substantial amounts: “Alaba used N1.2 million he took from a stage performance to invest in CBEX, while Brother Muca put in his work fee of N500,000. Sodiq invested N850,000, which he had saved from the band, and Lateef put in N1.4 million.”
Taye Currency mentioned that his friends’ experiences of success motivated him to invest as well.“Lateef claimed that he invested N200,000 and received N600,000 in return, which inspired me.
I withdrew my savings from insurance and invested N10 million in CBEX on April 1, but it all disappeared,” he lamented.
In the video, an visibly distressed Taye Currency expressed anger towards those who had introduced him to the scheme, stating, “If they die well, they won’t rest in peace, because I was living my life before they led me to CBEX.
This revelation comes amid a growing backlash against CBEX, which has reportedly deceived many Nigerians with its promises of high returns on digital investments. Reports indicate that the platform’s collapse has resulted in losses exceeding N1.3 trillion for investors.
Users experienced a series of failed withdrawal attempts, ultimately leading to sudden account balance deletions.
The fallout has incited widespread reactions across social media, where many users have voiced their frustration and concerns about the situation.
In response, the Securities and Exchange Commission (SEC) has stated that CBEX is not registered to operate as a digital assets exchange in Nigeria and has warned the public against engaging in transactions with the platform.
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