Fuji musician, Alhaji Taye Adebisi, better known as Taye Currency, has shared the painful story of how he lost N10 million in an alleged Ponzi scheme linked to Crypto Bridge Exchange (CBEX).
In a viral video circulating on social media, Taye Currency opened up about his unfortunate experience during a live performance. He explained that he was introduced to CBEX by some of his close friends.
Taye revealed that on April 1, Sodiq, one of his close associates, approached him to mention that Lateef, the brand manager, had already invested, and others like Alaba and Small London had also followed suit.
He added, “Alaba invested N1.2 million that he had taken from stage earnings, while Brother Muca invested N500,000 from his work fee. Sodiq put in N850,000 he had saved from the band, and Lateef invested N1.4 million.”
Taye admitted that seeing his friends’ successes in the scheme motivated him to invest as well. “Lateef said he used N200,000 to make N600,000, and that inspired me. I withdrew money I had saved in insurance, leaving myself exposed, and invested N10 million in CBEX. But now, everything is gone,” he said, visibly upset.
In the emotional video, a frustrated Taye Currency criticized those who had introduced him to CBEX, saying, “If they die well, they won’t rest because I was doing fine before they brought me into CBEX.”.
His statement comes as CBEX is facing growing scrutiny over its alleged fraudulent activities, with many Nigerians claiming to have been promised high returns through digital investment opportunities.
According to PUNCH Online, the platform’s collapse has led to losses exceeding N1.3 trillion, with numerous users reporting failed withdrawal attempts and disappearing account balances.
The Securities and Exchange Commission (SEC) has confirmed that CBEX was not registered to operate as a digital asset exchange in Nigeria and has issued a warning to the public against engaging with the platform.
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