Taye Adebisi, better known by his stage name Taye Currency, has spoken out about how he fell victim to a fraudulent Ponzi scheme called Crypto Bridge Exchange (CBEX), losing a staggering N10 million in the process. The popular Fuji musician from Ibadan revealed his heartbreaking experience in a viral video, which has since stirred outrage and raised awareness about the growing threat of Ponzi schemes in Nigeria.
In a candid video shared during one of his music performances, Taye Currency explained how he was introduced to CBEX by four people he considered close associates. The individuals involved in luring him into the scam were identified as Sodiq, Small London, Lateef (his brand manager), and one other person. According to Taye, these individuals had already invested their own money into CBEX and were reaping seemingly high returns, which ultimately convinced him to part with his hard-earned savings.
“I was introduced to CBEX by Sodiq. He came to my house on April 1, and told me about how Lateef, my brand manager, had already invested some money and seen positive returns. He also mentioned that Alaba, another member of my team, had used stolen funds from the stage to invest N1.2 million into the scheme. Other members of my crew, like Muca, had also put in their work fees, including N500,000,” Taye recalled.
It was the success stories of his band members that enticed Taye into the investment. He shared how Lateef had invested just N200,000 and received N600,000 in return, a gain that seemed too good to pass up. Lateef’s tale of success with the scheme, according to Taye, became the tipping point that convinced him to invest.
On April 1, with his faith in the system bolstered by the apparent success of his associates, Taye decided to invest his own money into CBEX. He withdrew savings that had been set aside for insurance purposes and invested a significant amount in the scheme, hoping for similar returns to those promised by his band members.
However, things soon took a turn for the worse. Instead of reaping the promised financial rewards, Taye was left with nothing. His investment, along with the funds of many others who had been enticed by the same fraudulent scheme, vanished without a trace.
“I withdrew my money, everything I had saved, and invested in the scheme on April 1,” Taye lamented during his emotional address. “But within no time, everything disappeared. It was all gone, and I was left empty-handed.”
Taye Currency’s story has since gone viral, with many expressing shock and disbelief over how a respected figure in the music industry could fall prey to such a scam. The loss of N10 million is a stark reminder of the dangers of Ponzi schemes, which have proliferated across the country in recent years. These scams often lure individuals with promises of high returns on investment, only to collapse and leave investors with nothing.
Ponzi schemes, named after Charles Ponzi, who orchestrated one of the most infamous schemes in history, operate by using the money from new investors to pay returns to earlier investors. This cycle continues until there are not enough new investors to sustain the payouts, leading to the eventual collapse of the scheme and the loss of funds.
For Taye Currency, this loss is not only a financial blow but also an emotional one. In the video, he expressed his anger and frustration at those who had introduced him to CBEX, particularly his close associates who he trusted. In a moment of distress, he cursed those responsible, saying, “If they die well, they won’t rest well.”
While his comments were filled with pain and betrayal, they also underscore the emotional toll that such scams can take on victims, particularly when they involve trusted friends and associates.
The rise of Ponzi schemes, particularly those related to cryptocurrency and online trading platforms like CBEX, has become a major concern in Nigeria. Many people, especially those with little experience in investment, are falling victim to these scams. The allure of quick, easy money is often too tempting, and once the money is lost, there is little recourse for recovery.
The Nigerian government and regulatory authorities have been criticized for not doing enough to crack down on these schemes, which continue to operate largely unchecked. In many cases, victims like Taye Currency are left without any legal or financial recourse, as the perpetrators of the scams often vanish before they can be caught.
Taye Currency’s experience with CBEX serves as a powerful reminder of the importance of financial caution and due diligence. While the promise of easy returns can be tempting, it is crucial to verify the legitimacy of any investment before parting with money. Nigerians must remain vigilant and resist the allure of schemes that seem too good to be true.
For Taye, the loss of N10 million is a hard lesson learned. It is not just a financial loss, but a painful betrayal by those he considered close friends. As he continues to recover from this setback, his story stands as a cautionary tale for Nigerians, particularly those looking to invest in the rapidly growing and often unregulated world of cryptocurrency and online trading platforms.
