CBEX promised fast profits through cryptocurrency investments, but left over 600,000 Nigerians out of pocket, losing more than ₦1.3 trillion. Dashen Usman sits with Africa Check researcher Muktar Balogun to analyse how CBEX operated like a classic Ponzi scheme, using fake licenses, deceptive social media campaigns, and even popular influencers to gain public trust. They explain how and why so many people, across all levels of education, were lured in, what role identity theft played in the scam, and why government agencies like the SEC and EFCC have been limited in recovering lost funds. Viewers will learn the key signs of a scam, why due diligence is critical, and what to do if you’ve already been exposed.
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