Situation report: Ponzi Scheme - CBEX
Image from my WhatsApp
Few months ago, an acquaintance sent me a flyer advertising one online investment called CBEX.
Since I don't have any interest on any online investment with few days profits, I just overlooked and even told him to be careful on investing his hard earned money on Ponzi scheme.
I have never been a victim of a Ponzi scheme and would never be. I have never done.
For some days now, I have been seeing a lot of sad WhatsApp status and memes about the collapse of CBEX platform from friends.
It's all over the news....., people are crying. I even know some that have attempted suicide.
For one thing...I am still thinking about this whole CBEX issue.
And I really understand it hurts for real.
A lot of folks lost their hard earned money while some families are in shock due to the greed they had to the point of investing their hard earned money on such big scam.
It's a shame stuffs like this keep happening again and again in Nigeria. Sometimes I wonder if this also happens in other countries around the world. And how the government in such countries react...?
In Nigeria, we have a certain department called "Economic and Financial Crimes Commission" (EFCC).
Their job is to specifically investigate, prosecutes and penalize any individual or organisation that got involved in economic and financial crime.
But I'm always very surprise that groups like this always comes in to Nigeria, make their money, scam citizens, succeed and run away with it.
And the remaining ones are the victims crying out every where.
For instance, for the past 10 years, below list contains all the ponzi schemes in Nigeria that have gone away with citizens hard earned money:
- MMM Nigeria – 2016
- Ultimate Cycler – 2016
- Get Help Worldwide (GHW) – 2016
- Twinkas – 2016
- Icharity Club – 2016
- Crowd Rising – 2016
- Claritta – 2016
- Help2Get – 2016
- Loopers Club – 2016
- Givers Forum – 2016
- NNN Nigeria – 2017
- MMM Cooperation – 2017
- GCCH (Global Crediting Cooperative Hub) – 2017
- Money Riot – 2017
- RevoMoney – 2017
- SwissGolden (Nigeria version) – 2017
- NNU (Nigeria News Update) – 2017
- Peer2Peer Donation – 2017
- Twinkas Reloaded – 2017
- Donation Hub – 2017
- MyBonus – 2017
- ZarFund – 2017
- Bitclub Advantage – 2018
- Million Money – 2018
- Helping Hands International – 2018
- DGSOUK – 2018
- Pennywise – 2018
- Loom – 2019
- Crowd1 – 2019
- Lion’s Share – 2020
- InksNation – 2020
- Baraza Multipurpose Cooperative – 2020
- Racksterli – 2020
- 86FB (aka 86Z) – 2021
- Eagle Cooperative – 2021
- Royal Q (Nigerian scam version) – 2021
- FINAFRICA – 2021
- Ovaioza Farm Produce Storage – 2022
- QNet (Nigeria) – 2022
- Afriq Arbitrage System (AAS) – 2022
- MBA Forex – 2022
- Chinmark Group – 2022
- Inksledger – 2022
- Axim Exchange – 2022
- Compoundly – 2024
- CALA (Cala Finance) – 2023
- 6Dollars Investment – 2023
- Sidra Investment (cloned scam version) – 2024
- WealthBuddy – 2024
- BitFinance Global – 2025
- CBEX-2025
Source
Unfortunately, CBEX platform swept $809,000 (U.S dollars) which is over #1.3 trillion naira - thats approximately 5,537,005 STEEM from Nigerians. That's a whole lot of money to have formed a big curator or two on STEEM from Nigeria- so I thought.
I couldn’t just be angry. I am just deeply curious how foolish people keep on turning themselves to these varrious ponzi schemes. It's a shame Nigerians never learn from the past.
Well, this evening as at the time I was writing this text, I got info that the EFCC are already on this matter.
But isn't it too late for this...? Will they retrieve the lost money back...?
Only Nigerians knows the answer to this question...
All these Ponzi schemes used the same method, it's a shame that Nigerians keep falling into this trap as a result of greed.
These guys got so many Nigerians to part with their hard-earned money and even convince others(friends and family members) to join.
They used a structure and strategy that works with trust and urgency to carry out their unethical acts.
These bunch of scammers were consistent with their format just to persuade and make vulnerable people to believe.
Dear Nigerians please note that real money is in mastery in systems and in service.
When you feel making huge money overnight is possible, then you will fall into such Ponzi schemes.
If you want to make money, follow the right process and the right process sometimes takes time.
Anything that is too good to be true can never be true, don't be decieve.
Economy is hard, we know. But don't let such frustration take away your sense of reasoning especially when it comes to your hard earned money.
Get the stupid mindset of doubling money overnight off your mind, it doesn't work that way.
It's sad some Steemians are victim of this scam and it is a shame too -the more reason I am writing this post.
I don't know a better way to console you, I know this might not bring back your money, but please stay clear from ponzi scheme!
Hola amigo de verdad me da mucha tristeza escuchar noticias como esas que no solo ocurren en nuestro país sino a nivel mundial y mas en ustedes los nigerianos que trabajan duro por el sustento Diario.
Pues te cuento que aca no hacen ni 3 dias que también ocurrio lo mismos como CBex.
La de aqui se llamaba HV IJEX era un "plataforma de inversión en criptomonedas" No te imaginas la cantidad de personas de acá de mi localidad que perdieron grandes sumas de Dolares. Mi esposo casi cae, gracias a Jehová fué advertido a tiempo.
Anhelamos que pronto intervenga nuestro Dios Jehová y acabe con todos esos estafadores. 🙏
Oh, I thought these things happens only in Nigeria, I didn't know other places also experience this.
At this point, I think those fraudsters mostly target countries with very poor economy. Where citizens are deaprate of doing anything to survive.
These things comes almost every year.., sadly people still fall victims.
God a thing your husband didn’t fall into such trap.
I hope others can learn.
Большой список! Инвестирование - часть современной финансовой системы. В России в недавнем прошлом даже много банков раззорилось, а ведь банки выглядят гораздо надежнее финансовых пирамид. В целом можно сказать, что мы еще только учимся инвестированию.
It is so sad that these fraudsters get away so easily with people's hard earned money.
The thing is; many people invest for a wrong reason. “Get rich faster without stress”.
How do you invest $1 and expect to get $10,000 in few weeks 😂
It all boils down to GREED! and I don’t pity anyone who gets scammed with ponzi schemes in this present era. I know many that went into depression in 2017, 2018 and 2019 because of this.
It is surprising that with this long list, people are still ignorant about Ponzi schemes. Funny how I have only tried loom😃
Thank you for putting this piece down, it will help many.
The idea of making quick money at ease is gradually becoming a norm in Nigeria and it is a shame.
People get duped- others won't learn
People die after beign duped - others won't learn
People run mad after beign duped - others won't learn.
I share the same sentiment. This can only be motivated by GREED. Nigerians will never learn a lesson from all these.
Watch out..., another one will come out and they will still rush.
I'm glad you didn't participate in that.
You are welcome, I hope it gets accross to others who likes reading 🙂
Thank you for the support @fantvwiki
Out of fund helped me escaped this one. I was worrying my husband to help complete the cash I was with boom I heard it has crashed. I wouldn't blame anybody because we are facing a lot lately. Making this money is all about risk,but then I have learned a lot of lessons from this Cbex.