CBEX: Another Ponzi scheme leaves Nigerians in tears

When Okikiola Abdul invested $300 in a supposed forex trading platform, Cryptocurrency Exchange (CBEX), in March, he hoped to use the proceeds from his investment to rent a new apartment and finish up some personal projects.

First, the idea of a 100 per cent return on investment promised by CBEX seemed too good to be true. But Mr Abdul, who recently completed his degree programme at Ekiti State University, nursed fears that the forex trading platform could be a new Ponzi scheme….