Taye Currency loses N10m to CBEX ponzi scheme

Popular Fuji singer Taye Currency has shared that he lost N10 million in a failed investment with Crypto Bridge Exchange (CBEX), which many Nigerians now believe to be a Ponzi scheme.

During a live performance, he said, “I withdrew the money I had saved with insurance — N10 million — and invested it on April 1, but everything vanished.”

He explained that his decision was influenced by friends who claimed they had made big profits. “Lateef said he used N200k to collect N600k. That was what pushed me,” he said.

Currency also revealed that his band members lost large amounts too: “Alaba used N1.2 million he stole from the stage to invest. Brother Muca also put in his work fee — N500,000. Lateef invested N1.4 million.”

Angrily, he added, “If they die well, they won’t rest well, because I was on my own before you brought CBEX to me.”

CBEX has since crashed, leaving users unable to withdraw funds or access their accounts. The Securities and Exchange Commission has warned Nigerians that CBEX is not a registered investment platform and advised the public to avoid such risky schemes.