“In less than 35 days, I was supposed to receive $600, the double of my $300 investment,” an investor said.
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First, the idea of a 100 per cent return on investment promised by CBEX seemed too good to be true. But Mr Abdul, who recently completed his degree programme at Ekiti State University, nursed fears that the forex trading platform could be a new Ponzi scheme. Yet, a close friend who had traded on the platform for six months managed to convince him.
Payments were made in USDT, a popular stablecoin that runs on blockchain and is linked to traditional currencies like the US dollar. CBEX allegedly locked its Telegram channels and delayed withdrawals. To access their funds, investors were offered a “verification” process: pay $200 to unlock $2,000 or $100 to unlock $1,000.
Reacting to the development, the Securities and Exchange Commission warned Nigerians against unregistered trading platforms. MMM was founded by a Russian, Sergei Mavrodi. Using the tag line of “social financial network” aimed at “providing help,” the Ponzi scheme promised a 30 per cent monthly return to investors. It attracted over three million Nigerians who were desperate for financial gain.
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