I invested in ponzi scheme :Nigerian man Fadahusi fall victim.

 Name :Sandra seyram Dzansi, UNIMAC - IFT. broadcast journalism, 

Lagos, Nigeria — Mandela Fadahunsi, who works at a technical training school in Ikeja in Nigeria’s Lagos, never believed he could fall victim to a Ponzi scheme. 

On April 6 2023, the 26-year-old was starting his day when a WhatsApp notification lit up his phone screen. Someone on the group chat for investors of the cryptocurrency investment platform, Crypto Bridge Exchange (CBEX), had tried and failed to withdraw some funds, so they wanted to confirm if it was a general issue. Fadahunsi quickly logged on to his digital wallet and tried to withdraw 500 USDT, a cryptocurrency that stands for United States Dollar Tether, or simply Tether.But 24 hours later, a process that should have taken just 10 minutes was yet to complete. 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.

“They [CBEX administrators] said it was as a result of the excessive volume of people trying to withdraw, and that all withdrawals have been placed on hold until 15th of April,2023. ” 

 On the 15th, he and fellow investors waited but heard nothing. On subsequent days, the administrators gave more excuses until the site stopped working altogether, and everyone’s money disappeared without a trace. That is when he realised he had been scammed and might never be able to recover the 4,596 USDT stablecoin in his wallet.

While Fadahunsi tallied his losses, the issue went viral on social media platforms.

Many more Nigerians shared their stories of loss, while others mocked them for losing their money to scammers. Some members of the public, filled with rage, attacked and ransacked CBEX offices in Ibadan and Lagos.

CBEX launched operations in Nigeria in July 2022, claiming to be able to generate immense trading profits using generative artificial intelligence. By January, it had gained serious popularity through referrals and smart advertising.

Fadahunsi and thousands of other people invested with the hope of making a maximum profit – the scheme promised up to 100 percent return on investment after a 40- to 45-day maturation period. At the start, the scheme did pay out, and the testimonies of successful initial investors attracted more people to sign up.

But after nine months of operation, the music stopped as the platform made away with an estimated 1.3 trillion naira ($840m), according to the official Nigerian Financial Intelligence Unit (NFIU). It left investors stunned. 

There for, every individual across the nation should be cautious about online money making in order to help not to be scammed.