Ibadan-based Fuji musician Taye Adebisi, popularly known as Taye Currency, has shared his painful experience of losing N10 million to a failed Ponzi scheme known as Crypto Bridge Exchange (CBEX).
The 50-year-old in a viral video captured during a live performance, narrated how he and several members of his crew were lured into the investment by close associates who assured him of high returns.
He narrated that the success stories of his band members, especially one Lateef who allegedly turned N200,000 into N600,000, convinced him to invest.
Taye added that Lateef claimed to have made quick returns from the platform, made him committed N10 million he had saved with an insurance company into the scheme — only for the funds to disappear without a trace.
Visibly upset, Taye Currency expressed anger toward those who introduced him to the platform and warned them of serious consequences.
He said in songs: “You will hear how CBEX took away over N20 million from me and people close to me.
“On April 1, Sodiq came to my house and said Lateef, the brand manager, had collected some money and also introduced Alaba and one other brother to it. Alaba even used N1.2 million he stole from the stage to invest. Brother Muca also put in his work fee—N500,000. Lateef invested N1.4 million.”
“Lateef said he used N200k to collect N600k. That was what pushed me. I withdrew the money I had saved with insurance, N10m and invested it on April 1, but everything vanished. If they die well, they won’t rest well.”
CBEX reportedly promised investors double their returns within 30 days. However, the platform crashed, by April 2025 leaving an estimated 300,000 Nigerians with losses amounting to over N1.3 trillion.
The Securities and Exchange Commission (SEC) has since clarified that CBEX was never registered with the commission.