In Lagos, Nigeria, Mandela Fadahunsi found himself a victim of the Crypto Bridge Exchange (CBEX) Ponzi scheme. After attempting to withdraw 500 USDT from his digital wallet, he faced delays and was eventually informed that withdrawals were on hold. The situation escalated when CBEX’s website became unresponsive, leading to widespread panic among investors who lost access to their funds. As social media buzzed with similar accounts of loss, public outrage resulted in attacks on CBEX offices, highlighting the urgent issue of financial illiteracy and lax regulations that allow such scams to proliferate.
On April 6, the 26-year-old was starting his day when a WhatsApp notification lit up his phone screen.
He knew then that something had gone wrong. He started to panic, but half-hoped it was just a glitch or a minor system error.
Many more Nigerians shared their stories of loss, while others mocked them for losing their money to scammers.
CBEX launched operations in Nigeria in July 2024, claiming to be able to generate immense trading profits using generative artificial intelligence.
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