Renowned Fuji musician, Taye Adebisi, popularly known as Taye Currency, has expressed deep frustration and anger over his financial loss in the now-defunct Crypto Bridge Exchange (CBEX), a digital investment platform that has been widely exposed as a Ponzi scheme.
In a video currently making the rounds on social media, Taye Currency opened up about his bitter experience during a live stage performance. He revealed that it was some of his close associates who convinced him to invest in the platform, assuring him of massive returns—an assurance that ultimately turned into a nightmare.
“I Was Misled by Friends I Trusted”
According to the singer, he decided to invest in CBEX after witnessing the alleged success stories of several friends who had already put money into the platform and claimed to have received returns.
“On April 1st, Sodiq came to my house and told me that Lateef, our brand manager, had invested and gotten paid. He mentioned that Alaba, Small London, and Brother Muca had also received their money,” Taye recounted emotionally.
He further narrated how his associates had used various means to raise money for the investment: “Alaba even invested ₦1.2 million he had picked from the stage. Brother Muca used ₦500,000 he earned from a gig. Sodiq put in ₦850,000 he had saved while working with the band. Lateef invested ₦1.4 million and claimed he turned ₦200,000 into ₦600,000.”
Inspired by what seemed like real testimonials, the Fuji star decided to stake his savings—₦10 million, withdrawn from an insurance fund—into the scheme.
“I told myself I couldn’t miss out. So I pulled out my savings and joined. That was on April 1. But now, everything is gone,” he lamented.
A Cautionary Tale
With visible pain in his voice, Taye Currency didn’t hold back his feelings. He directly blamed those who lured him into the investment, saying, “If those people die well, they won’t rest well. Because I was minding my business before they dragged me into CBEX.”
His experience mirrors that of thousands of Nigerians who have recently found themselves victims of fraudulent crypto schemes and digital Ponzi platforms promising unrealistic returns. The collapse of CBEX has sparked widespread outrage and concern, with calls for regulatory agencies to step in and protect citizens from similar scams.
Crypto Ponzi Schemes on the Rise
CBEX had marketed itself as a lucrative crypto trading and investment platform, promising investors significant daily and weekly profits. However, as with many unregulated digital investment schemes, the platform reportedly shut down operations abruptly—locking investors out and vanishing with billions in funds.
Taye Currency’s ordeal is one of the more high-profile cases that has now brought public attention to the dangerous rise of Ponzi-style crypto scams in Nigeria. Many of these platforms operate in grey areas of the law, using influencer marketing and word-of-mouth promotion among trusted networks to lure victims.
