In a widely circulated video captured during a recent stage performance, a visibly upset Taye Currency detailed how he fell victim to the now-collapsed digital investment platform. He explained that he was introduced to CBEX through close associates who initially appeared to be profiting from the scheme.
The singer recounted the sequence of events, stating, "On April 1st, Sodiq came to my house and mentioned that Lateef, the band's brand manager, had invested and received returns. He also indicated that Alaba and Small London had also benefited, along with Brother Muca."
Taye Currency further elaborated on the investments made by his associates, highlighting the seemingly attractive returns that fueled his decision to invest. "Alaba reportedly used N1.2 million, which he had taken from a stage performance, to invest in CBEX. Brother Muca also put in his work earnings of N500,000, while Sodiq invested N850,000, money he had been saving within the band. Lateef himself had invested N1.4 million."
The Fuji star revealed that it was the apparent success of these individuals that persuaded him to participate. "Lateef claimed he invested N200,000 and received N600,000 in return, which greatly motivated me. I then withdrew my savings from an insurance scheme – you can see my life laid bare – and invested a total of N10 million in CBEX on April 1st. Tragically, all of it has now vanished."
Expressing his deep frustration and anger, Taye Currency directed strong words towards those who introduced him to the platform, stating, "If they die well, they won't rest well, because I was content with my life before they brought CBEX into it."
Taye Currency's public lament adds to the growing outcry surrounding the collapse of CBEX. The platform, which promised high returns on digital investments, has reportedly defrauded numerous Nigerians, with estimated losses exceeding N1.3 trillion. Investors have reported being locked out of their accounts, experiencing persistent withdrawal failures, and ultimately seeing their account balances wiped clean.
The situation has triggered widespread condemnation and concern across social media platforms. In response to the unfolding events, the Securities and Exchange Commission (SEC) has issued a statement clarifying that Crypto Bridge Exchange is not registered to operate as a digital assets exchange in Nigeria and cautioned the public against engaging with the platform. This incident serves as a stark reminder of the risks associated with unregulated digital investment schemes and the importance of exercising due diligence before committing funds.