Esther Salifu
The collapse of Crypto Bridge Exchange (CBEX), an alleged Ponzi scheme that lured investors with promises of massive returns, has left thousands devastated including popular Fuji musician, Alhaji Taye Adebisi, popularly known as Taye Currency, who recently revealed he lost ₦10 million to the platform.
In a viral video that surfaced on social media, the veteran singer shared his ordeal during a live performance, recounting how peer influence and apparent early gains led him to pour millions into the now-defunct crypto investment scheme.
“I withdrew the money I had saved with insurance… I invested N10m in CBEX on April 1, but everything vanished,” he lamented.
According to Currency, he was introduced to CBEX by close friends and associates—many of whom had already seen early profits. Their testimonies encouraged him to follow suit, only for the platform to become inaccessible shortly after.
While venting his frustration at those who drew him into the scheme the singer added,
“If they die well, they won’t rest well, because I was on my own before you took me to CBEX”.
Countless Nigerians who fell victim to CBEX, were reportedly defrauded investors of over ₦1.3 trillion The platform gained rapid popularity through word-of-mouth and social media promotions before crashing leaving users locked out of their accounts, unable to make withdrawals, and watching helplessly as balances disappeared.
The Securities and Exchange Commission (SEC) has since responded, stating that CBEX is not registered to operate as a digital assets exchange in Nigeria.
The agency has issued a public warning, urging Nigerians to be wary of unregulated investment platforms.
Experts are now calling for stronger regulatory frameworks, investor education, and real-time monitoring systems to prevent further economic ruin.
