Fuji singer Taye Currency shares painful story of losing ₦10 million to alleged crypto scam CBEX, after being lured by friends promising high returns.
During a live stage performance, the popular singer spoke emotionally about how he was lured into the scheme by people he trusted.
He described CBEX as an alleged Ponzi scheme that promised investors huge returns. Unfortunately, like many others, he fell for the promises and ended up losing everything he put in.
Friends encouraged the investment
Taye Currency explained that the platform was introduced to him by close friends and band members. They claimed to have made big profits from the same investment. One name stood out Lateef, a band member, who said he turned ₦200,000 into ₦600,000 in a short time.
These stories gave the singer hope. He believed that if others close to him were making money, then he could too. Trusting their words, he decided to invest a large amount himself.
₦10 million gone without a trace
Encouraged by the supposed success stories, Taye withdrew ₦10 million he had saved with an insurance company and put the entire amount into CBEX on April 1. But soon after the transaction, the money disappeared.
“I thought it was a smart move,” he said in a performance. “I believed in them. But I lost it all.”
Others in his circle also lost money
The singer revealed that he was not the only victim. Several others in his circle were also affected. He mentioned that a man named Alaba invested ₦1.2 million, money he allegedly stole from the stage.
Another person, Brother Muca, put in ₦500,000, which was his full work fee. Lateef himself reportedly invested ₦1.4 million.
Taye didn’t hide his anger. He directed his frustration at those who introduced him to the platform. “If they die well, they won’t rest well,” he said bitterly, suggesting the depth of betrayal he feels.
A common story among Nigerians
Sadly, Taye Currency’s story is not unique. Many Nigerians have lost money to similar platforms. These schemes often attract people by promising fast and high returns from crypto or digital investments.
But they often turn out to be Ponzi schemes, where early investors are paid with money from new investors until the whole system crashes.
CBEX has been linked to multiple complaints, with users claiming they lost millions. Once they invest, the platform stops responding, and the people behind it disappear.
Experts warn against risky platforms
Financial experts have repeatedly warned Nigerians about the dangers of unverified investment platforms.
They urge the public to research thoroughly before trusting any scheme, no matter how good it sounds or who recommends it.
Experts also stress the importance of checking if an investment company is registered with the relevant authorities. Deals that promise extremely high returns with little risk are often too good to be true.
A painful lesson, strong message
Taye Currency’s loss has now become a public lesson. As a well-known musician, his voice carries weight. By speaking out, he hopes others will learn from his mistake and avoid falling into the same trap.
“I don’t want anyone else to go through this pain,” he said.
Through his story, the singer reminds fans and fellow Nigerians of one key message: when it comes to your money, always be careful. No promise is worth losing everything you’ve worked hard to earn.
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