Fuji musician Alhaji Taye Adebisi, widely known as Taye Currency, has shared how he lost ₦10 million to a suspected Ponzi scheme run by Crypto Bridge Exchange (CBEX).
In a widely shared video on social media, Taye Currency recounted the incident during a live performance. He explained that he was introduced to the scheme by trusted friends who had claimed to profit from it.
The singer recalled that on April 1, his associate Sodiq visited him with news that several others, including Lateef (a brand manager), Alaba, and Small London, had already invested in CBEX and received payouts. He also mentioned that Brother Muca Alaba had used ₦1.2 million allegedly taken from a stage performance, along with his ₦500,000 performance fee, while Sodiq invested ₦850,000 he had saved from their band’s earnings. Lateef had put in ₦1.4 million.
Encouraged by their stories, Taye Currency decided to invest ₦10 million, funds he had withdrawn from his insurance savings. “Lateef said he turned ₦200k into ₦600k, and that motivated me. Now see where I am—everything disappeared,” he lamented.
In the video, an emotional Taye Currency condemned those who influenced his decision to invest in CBEX, saying, “
If they die well, they won’t rest well, because I was minding my own business before they introduced me to CBEX.
His outcry adds to the mounting public outrage over the collapse of CBEX, which has reportedly defrauded thousands of Nigerians, with investor losses estimated at over ₦1.3 trillion. The platform became inaccessible following
repeated withdrawal issues and sudden erasure of user balances.
The Securities and Exchange Commission (SEC) has since clarified that CBEX is not a licensed digital asset exchange in Nigeria and warned the public against dealing with the company.
Manager – Oversees the daily operations, editorial planning, and strategic direction of the platform. A graduate with a solid academic foundation in media and communication, Faith brings a wealth of experience to the TokinPoint.
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