Fuji star Taye Currency reveals N10 million loss to CBEX ponzi scheme

Fuji artist Taye Currency shares his ₦10 million loss to collapsed Ponzi scheme CBEX, echoing growing public concern over unregulated digital investments.

[dropcap]P[/dropcap]opular Nigerian Fuji musician, Alhaji Taye Adebisi, widely known as Taye Currency, has revealed that he lost a staggering ₦10 million to an alleged Ponzi scheme operated by Crypto Bridge Exchange (CBEX).

Also read: ST Team urges calm amid CBEX withdrawal restrictions

In a video that has since gone viral on social media, the singer shared his painful experience during a recent live performance. He recounted being introduced to CBEX by close associates, who themselves had invested large sums of money and initially received returns.

“Lateef said he used ₦200,000 to collect ₦600,000, and I got motivated. I withdrew the money I had saved with insurance… I invested ₦10 million in CBEX on April 1, but everything vanished,” Currency lamented.

He went on to mention several individuals, including Lateef, Alaba, Brother Muca, and Sodiq, who all reportedly invested in the platform and encouraged him to join.

The Fuji star expressed his anger, saying: “If they die well, they won’t rest well, because I was on my own before you took me to CBEX.”

The Securities and Exchange Commission (SEC) has since confirmed that CBEX is not a registered digital asset exchange in Nigeria.

The collapse of the platform has reportedly resulted in over ₦1.3 trillion in investor losses, with users unable to make withdrawals before the platform went offline.

CBEX’s collapse has fueled widespread public outcry and highlighted the ongoing dangers of unregulated investment schemes in Nigeria, especially those promoted under the guise of cryptocurrency and digital assets.

Also read: ‘Leave me alone!’ Fmr Taye Currency manager cries out, appeals to popular Fuji musician (Video)

This incident reinforces calls for greater financial literacy and tighter regulation in the fast-growing but poorly monitored digital investment space.

Quadri Olaitan