Investors in Nigeria, Kenya Count Losses after CBEX Collapses
[...]The collapse of CBEX, a fast-growing digital Ponzi scheme disguised as an investment platform operating across Africa, has seen investors lose over US$840 million, according to Nigerian media reports.
CBEX, which marketed itself as a crypto-powered trading platform offering 100% monthly returns, abruptly restricted withdrawals on April 9 before shutting down entirely.
CBEX sustained the illusion of profitability by using funds from new investors to pay earlier ones—a basic Ponzi scheme-, and incentivised its users to refer others and offered bonuses and rewards based on the scale of one’s referral network.[...]
https://kenyanwallstreet.com/i....nvestors-in-nigeria-
