KEY POINTS

• Taye Currency lost N10 million after investing in the CBEX Ponzi scheme.

• The investment was prompted by successful returns from his associates in the scheme.

• CBEX collapsed, leaving Taye and others distraught with persistent withdrawal issues.

Popular Ibadan-based Fuji musician Alhaji Taye Adebisi, better known as Taye Currency, has recounted how he lost N10 million in a Ponzi scheme operated by Crypto Bridge Exchange (CBEX).

How Taye Currency got involved in CBEX

In a viral video circulating on social media, Taye Currency shared his investment ordeal during a stage performance.

According to Vanguard, the Fuji artist, introduced to the scheme in early April, said some of his associates who convinced him to join had made money before CBEX collapsed.

“On April 1, Sodiq came to my house and said Lateef, the brand manager, had collected money and introduced Alaba and Small London, who had also made money, as well as Brother Muca,” Taye Currency said.

Alaba invested N1.2 million, which he allegedly stole from the stage, while Brother Muca invested N500,000 from his work fee. Sodiq invested N850,000 from his savings, and Lateef invested N1.4 million.

The collapse of CBEX and the aftermath for Taye Currency

The success of his associates prompted Taye Currency to invest as well. “Lateef said he used N200k to collect N600k, and I got motivated. I withdrew my savings, invested N10m, but everything vanished,” he lamented.

Taye Currency expressed regret and cursed those who introduced him to the scheme: “If they die well, they won’t rest well, because I was on my own before they took me to CBEX.”

The scheme defrauded many Nigerians of over N1.3 trillion. Victims were lured by promises of high returns, only to face persistent withdrawal failures when the platform collapsed.