That CBEX situation is both heartbreaking and infuriating. Over ₦1.3 trillion gone in what looks like another textbook case of a Ponzi scheme disguised with crypto buzzwords and fake AI “trading”? It’s honestly devastating — not just because of the financial loss, but because of how many everyday Nigerians fell victim to it.
The setup was shady from the jump — offering 100% ROI with no SEC registration, using TRX wallets for payments (which are hard to trace), and then locking communication channels right before the crash? Classic red flags. But when people are desperate for opportunities in a tough economy, even obvious scams start to look like hope.
And that “verification fee” scam after the crash — asking people to pay again just to get a fraction of their original money? That’s next-level wickedness.
Taiwo Owolabi laid it out perfectly — it was never real money in those wallets, just digital numbers manipulated to make it feel like profits were being made. Meanwhile, they were laundering it through USDT and ETH. That’s straight-up fraud with a touch of tech smoke-and-mirrors.
The online reactions too — a lot of anger, but also brutal honesty. Many are finally starting to realize that if it sounds too good to be true, it probably is. But sadly, it’s often after the damage is done.
What’s your take on it? Do you think there needs to be tighter regulation, or is it more about financial education for everyday people?