The rate of cryptocurrency Ponzi schemes de very alarming now, let us beware

[Kelward]

A lot of scams wey de happen through cryptocurrency don de too much, na only di big ones de make headlines. No be news again say  plenty people loss dem hard earned money for di recent CBEX Ponzi scam, all dem money don enter voicemail because of ignorance. Other crypto Ponzi schemes go de happen but we no go hear because dem no make headlines.

Wetin make me to start dis thread na because of wetin happen two weeks back or thereabout. A brother called me from Port Harcourt, im sound very excited say soon im go begin to make money from Bitcoin. I congratulate am say na better investment be dat, den im begin to tell me say na for one investment platform. Im tell me say you go first register with dem with di sum of $25 and as you de bring more perticipants you go de climb for dem upline. Di more people wey you bring and di more money you invest di more you go de get profit. I tell am pointblank say na Ponzi scheme and im de risk im money for di investment.

Di most worrisome thing be say na for radio inside PH im hear about di investment before im come attend dem seminar and register with money. Abeg make we de very careful about get rich quick investments on social media and on radio, na scams dem be. Dis na di Link of di investment platform, abeg no go registeroo, I no bother to open di link, na to show proof I take de share am here. https://go.e1ulife.com/?affid=Ladyfab82

[Joy_learns_crypto]

Di most worrisome thing be say na for radio inside PH im hear about di investment before im come attend dem seminar and register with money. Abeg make we de very careful about get rich quick investments on social media and on radio, na scams dem be. Dis na di Link of di investment platform, abeg no go registeroo, I no bother to open di link, na to show proof I take de share am here. https://go.e1ulife.com/?affid=Ladyfab82

For me this no be matter that go cause any worry. These radio and Tv stations are out there to make money and the biggest way they make their money is through commercials, promotions or adverts whichever you choose to call it.
Taking to heart what you heard on radio or television without doing your own research and just trusting it makes you gullible. Scams, Ponzi schemes don’t mind how they get to reach their victims because they do everything possible even as far as employing the services of celebrities. Be very careful.

[Felicity_Tide]

Is CBEX actually a cryptocurrency?, @OP, kindly clarify that.

Back to the thread,
Nigerians are very curious about anything, but when it comes to Investment, many of us tends to put our curiosity aside. We just want to hear certain things that pleases us about doubling money, and boom..... We are in.

From the story you shared, is there anything wrong in asking "Where is my profit coming from?". You see, the problem here is that people don't take time to analyze how the supposed investment scheme brings profits for both the supposed companies and the customers. As far as profit is concerned, there are in. These scammers just play a simple trick by paying one person with another person's money, and disappears after making enough. People don't know this, but as far as money is concerned, they are exited to put their money.

[AVE5]

A lot of scams wey de happen through cryptocurrency don de too much, na only di big ones de make headlines. No be news again say  plenty people loss dem hard earned money for di recent CBEX Ponzi scam, all dem money don enter voicemail because of ignorance. Other crypto Ponzi schemes go de happen but we no go hear because dem no make headlines.

Misinformation!
CBEX is a financial program that hosts participants Invested to get a particular percentage in returns as profits. Participants rewards are fixed and not volatile as the cryptocurrencies so, you don't have to link it up to crypto.
And yes it's a Ponzi scheme which may reflect to what happens in the crypto space where some beginners of ignorants falls on the categories of investing on the worthless cryptocurrencies and leads to investors lost of funds.
It's also necessary to take note that either centralized market and the decentralized markets are both corrupted which requires an immense carefulness when venturing into any source that is designed to provide income especially when it involves online.

[Hatchy]

A lot of scams wey de happen through cryptocurrency don de too much, na only di big ones de make headlines. No be news again say  plenty people loss dem hard earned money for di recent CBEX Ponzi scam, all dem money don enter voicemail because of ignorance. Other crypto Ponzi schemes go de happen but we no go hear because dem no make headlines.

Wetin make me to start dis thread na because of wetin happen two weeks back or thereabout. A brother called me from Port Harcourt, im sound very excited say soon im go begin to make money from Bitcoin. I congratulate am say na better investment be dat, den im begin to tell me say na for one investment platform. Im tell me say you go first register with dem with di sum of $25 and as you de bring more perticipants you go de climb for dem upline. Di more people wey you bring and di more money you invest di more you go de get profit. I tell am pointblank say na Ponzi scheme and im de risk im money for di investment.

Di most worrisome thing be say na for radio inside PH im hear about di investment before im come attend dem seminar and register with money. Abeg make we de very careful about get rich quick investments on social media and on radio, na scams dem be. Dis na di Link of di investment platform, abeg no go registeroo, I no bother to open di link, na to show proof I take de share am here. https://go.e1ulife.com/?affid=Ladyfab82

I think that is an affiliate marketing scheme. I don't actually have any interest in those affiliate marketers after I fell victims of their hilarious mean of making one rich. I met a young man in 2019 who introduced me to the so called investment, where I can make money by buying a course or so. At first it made sense to me, but then you needed to continue passing on this lies to more people calling them your lines. I had to do away with the whole thing because I knew my money was already gone.

The one you speak of is similar to refer and earn scheme. You get to work under a line of person, then for each person you bring you earn from their lines of more people they bring aswell. It's all just a stupid form of thinking about making money. I call it scam because not everyone would buy such stupid ideas and if they don't, your money is literally gone.

[Amphenomenon]

Di most worrisome thing be say na for radio inside PH im hear about di investment before im come attend dem seminar and register with money. Abeg make we de very careful about get rich quick investments on social media and on radio, na scams dem be. Dis na di Link of di investment platform, abeg no go registeroo, I no bother to open di link, na to show proof I take de share am here. https://go.e1ulife.com/?affid=Ladyfab82

This is not a new thing by the way,  unfortunately there are people around especially in open space or market areas often speaking about a seminar for investment and the likes which can be for scam or the ponzi schemes.

The fact that they used radio, TV or influencers doesn't surprise me anymore it has been done before for like over four years ago.

From the story you shared, is there anything wrong in asking "Where is my profit coming from?". You see, the problem here is that people don't take time to analyze how the supposed investment scheme brings profits for both the supposed companies and the customers. As far as profit is concerned, there are in. These scammers just play a simple trick by paying one person with another person's money, and disappears after making enough. People don't know this, but as far as money is concerned, they are exited to put their money.

Actually this is the ironic fact many don't care what they invest on as long as they can make money preferable good ROI and that's why we will continue to see all these. Although it goes deeper than this, some ponzi schemes do come with a good explanation of how money is made and the most easier way to spot that's a ponzi scheme are:

• How long their sites as been existing?
• Do they offer unrealistic ROI
• Do you depend on referrals for quick withdrawal and is the withdrawal only on specified dates?

These are some of them and the one you shared can also be added but that aside, we also need to be consider they fact that scammers will always be innovative and find a way to get the better of others.

[Mate2237]

Unfortunately this is the type of country that we have found ourselves due to the bad economic situation that we have found ourselves in the country alot of people has to survive with any thing that can bring money to them especially when it has to do with quick cash , ponzi schemes have somehow hold grip Many people in Nigeria because everyday on this forum and even in the streets of this country people have been complaining about scams due to Ponzi schemes still yet more people still fall into scam through different sweet means that this people bring to the appeal of unsuspecting members of society



Any thing that will require you to bring somebody before you can be paid or grow in any platform should be discouraged because that is not investment we as people who are informed with a good knowledge about crypto currency especially Bitcoin should take it as a duty to make sure that people around us not allowed to go into these types of investment because eventually we know that these platforms will collapse

[Richbased]

For me, any platform that requires me to spend some money first before i get my profits is considered scam and any platform that requires you to register and invite more people to join before you can make your own profits is a ponzi scheme. Sad that all these new channels don't scrutinize the platforms they are making adverts for before to publish to the public. Any radio station of TV station that publicizes a ponzi scheme needs to be brought down because how can they be making adverts for something they know it's a scam. Sad that people are so inquisitive to make money whichever way which has made many to give less attention to methods this ponzi scheme scammers operate with. Just be careful with your funds and stay away from any money doubling platforms. Making money is hard so it would be so painful to lose your money to some ponzi scheme scammers.

[SmartGold01]

For me, any platform that requires me to spend some money first before i get my profits is considered scam and any platform that requires you to register and invite more people to join before you can make your own profits is a ponzi scheme. Sad that all these new channels don't scrutinize the platforms they are making adverts for before to publish to the public. Any radio station of TV station that publicizes a ponzi scheme needs to be brought down because how can they be making adverts for something they know it's a scam. Sad that people are so inquisitive to make money whichever way which has made many to give less attention to methods this ponzi scheme scammers operate with. Just be careful with your funds and stay away from any money doubling platforms. Making money is hard so it would be so painful to lose your money to some ponzi scheme scammers.

You are actually correct and for that it's to the detriment of those who doesn't make adequate research before jumping into those investments platform advertised on radio stations or news channels. It's also important to know that the news channels and radio stations are solely interested of their advertisement fees, so they wouldn't have that time going to make investigation of those investments platform before advertising them on their channels so what is left for them is to promote them and allows the general public to go make their investigation and research before making investments.

To me, instead of me following up any investment platforms advertised on television or radio stations I would rather stick to Bitcoin investment, at least doing DCA would help more better than jumping from Ponzi scheme to another with the quest of doubling my money so quickly without working for it. Any investment that requires someone to make ref before have access to their investments is truly a scam, and also any other investments platform which request you to pay fee before having access to your money is also considered the biggest scamming platform, so it's advisable to desist and abstain from such platforms.

[Marykeller]

You see why ponzi schemes no go fit end for Nigeria na because of the profits to be gained after you introduce peso to am. These ponzi schemes people know sae if them promise a Nigeria some money to gain after when they introduce peso to their ponzi schemes, na Nigerians go use their hand market the thing for them wella, to give it much visibility.

You go see sae, no be only you wey the peso called. He must have called other people before calling you. Some go buy up wetin em tell them without asking the right questions, how this thing go turn out to be in the long run. Imagine using Bitcoin wey d very volatile.

However, our people d fall for this ponzi schemes out of not researching on their own on how these ponzi schemes been d operate for Nigeria for long. If you cross check all of them na the same pattern dem get(refer and get pay) with difference of name

[SmartCharpa]

A lot of scams wey de happen through cryptocurrency don de too much, na only di big ones de make headlines. No be news again say  plenty people loss dem hard earned money for di recent CBEX Ponzi scam, all dem money don enter voicemail because of ignorance. Other crypto Ponzi schemes go de happen but we no go hear because dem no make headlines.

Wetin make me to start dis thread na because of wetin happen two weeks back or thereabout. A brother called me from Port Harcourt, im sound very excited say soon im go begin to make money from Bitcoin. I congratulate am say na better investment be dat, den im begin to tell me say na for one investment platform. Im tell me say you go first register with dem with di sum of $25 and as you de bring more perticipants you go de climb for dem upline. Di more people wey you bring and di more money you invest di more you go de get profit. I tell am pointblank say na Ponzi scheme and im de risk im money for di investment.

Di most worrisome thing be say na for radio inside PH im hear about di investment before im come attend dem seminar and register with money. Abeg make we de very careful about get rich quick investments on social media and on radio, na scams dem be. Dis na di Link of di investment platform, abeg no go registeroo, I no bother to open di link, na to show proof I take de share am here. https://go.e1ulife.com/?affid=Ladyfab82

I think ignorance has made a lot of people blind to see how people are getting scammed from all these ponzi schemes of a thing, many people have yet to recover from the loss that CBEX ran away with, but they still have the mind to give another ponzi scheme a try. He's aware of Bitcoin investment where he can invest his money with a full chest that he will not get scammed yet, he still has eyes on another awuuf investment maybe that would be an easy way for him to become rich.

However, that's how all these scamming investments work, the more you bring in more people the more you will get profit and las las they will run with the money when they see that many have fallen into their trap. A friend of mine also called me a few days ago asking if I had heard about one investment, something "capital one" where you can invest your money and only iPhone users can invest. I didn't even bother to prolong the matter with him, I told him I no dey interested.

[Charles-Tim]

The problem is that people are unable to know what ponzi schemes are. If the person they know said he invested and earned money from it, that will make them think it is legit and they will want to try it. Most of those ponzi schemes promise high return but not all. That is the reason you should know what a company is using your money to do. As for me, I do not have any third party investment and that is enough to avoid all ponzi schemes. What I also know is that people will never learn.

[Gozie51]

Di most worrisome thing be say na for radio inside PH im hear about di investment before im come attend dem seminar and register with money. Abeg make we de very careful about get rich quick investments on social media and on radio, na scams dem be. Dis na di Link of di investment platform, abeg no go registeroo, I no bother to open di link, na to show proof I take de share am here. https://go.e1ulife.com/?affid=Ladyfab82

E dey be like say na radio stations dey give dem legitimacy because once dem come up with their road map on how to scam people, dem go carry one radio house join body. People get confused more when dem begin run jingles with staged interview on the radio station and the next thing na seminar date for near one hotel or the hotel hall. 

When people see that these scammers are affiliated with radio station, their mind go relax say dem dey genuine or say make den try am. It is unfortunate as such things they happen for the country with impunity.

Government has to bite harder on this scam platforms. They need to close down radio station wey affiliate itself with platform wey end up scamming people and by that lesson others will learn to scrutinize before blowing hyping scam platforms in their radio stations because there is a certain trust that comes with when you here radio station promoting something and when you just hear it on the street.

[Bigjoe33]

A lot of scams wey de happen through cryptocurrency don de too much, na only di big ones de make headlines. No be news again say  plenty people loss dem hard earned money for di recent CBEX Ponzi scam, all dem money don enter voicemail because of ignorance. Other crypto Ponzi schemes go de happen but we no go hear because dem no make headlines.

Wetin make me to start dis thread na because of wetin happen two weeks back or thereabout. A brother called me from Port Harcourt, im sound very excited say soon im go begin to make money from Bitcoin. I congratulate am say na better investment be dat, den im begin to tell me say na for one investment platform. Im tell me say you go first register with dem with di sum of $25 and as you de bring more perticipants you go de climb for dem upline. Di more people wey you bring and di more money you invest di more you go de get profit. I tell am pointblank say na Ponzi scheme and im de risk im money for di investment.

Di most worrisome thing be say na for radio inside PH im hear about di investment before im come attend dem seminar and register with money. Abeg make we de very careful about get rich quick investments on social media and on radio, na scams dem be. Dis na di Link of di investment platform, abeg no go registeroo, I no bother to open di link, na to show proof I take de share am here. https://go.e1ulife.com/?affid=Ladyfab82

Ponzi schemes and scammers activities are on the high side and it's not a new thing within our various localities.  People are falling victims each day and yet, they won't learn. Let's also take note of the fact that criminals are becoming too innovative. They come up with something so great an idea and too catchy that you wouldn't want to miss as you will already see it as an opportunity. Invest this to get 2-4 times income of what you invested in 2-3 weeks.. Haba! Who dey double the money for you, Abi Na juju dey double am. Even in a normal business setting or environment, such doubles aren't possible or are very rare if all things been equal.

So long as am not doing anything to double the Income, so long as am not involved in the doubling process, either my little time, or a bit of monitoring, so long as my little knowledge is not needed to double this income(that is a little bit of work), so long as I don't need to wait for a bit longer time for the investment to grow and mature before I start seen income, so long as all I need to do is to invest a particular amount of money and come back in two weeks to collect 2-4 times of my investment, my brother, I no dey do at all. Make them shift one side. I rather invest in Bitcoin gradually and leave it there till death do us part. Lol

[promise444c5]

Wetin make me to start dis thread na because of wetin happen two weeks back or thereabout. A brother called me from Port Harcourt, im sound very excited say soon im go begin to make money from Bitcoin. I congratulate am say na better investment be dat, den im begin to tell me say na for one investment platform. Im tell me say you go first register with dem with di sum of $25 and as you de bring more perticipants you go de climb for dem upline. Di more people wey you bring and di more money you invest di more you go de get profit. I tell am pointblank say na Ponzi scheme and im de risk im money for di investment.

Looks like pyramid ponzi schemes, it's  common and that's how they are getting more user, some of  victims  are Internet illiterate , so they believe things they found on the Internet easily, while some of them know it's a ponzi but still decides to risk it   , hoping to have make some profits before it crashes.
It will keep on getting worse and worse, as they keep upgrading to more effective ways  they can use to manipulate people, taking chance of the current economy situation of the country.. it's just modern day of scamming as both side as desperate of making easy and fast money but one is playing smatter by only distributing little  of the contributed funds from the desperate victim to make it even Real for the short period..

[Majestic-milf]

 Scammers don full everywhere like the way churches dey so one needs to dey careful with how them fall for all these cheap lies. I no go just limit the scams wey people dey fall for everyday to just crypto related but every other one because imagine wey person go tell you say if you fit tell which card be which after them don shuffle am, you go collect a brand new phone meanwhile them know say you no fit accurately point am out, but them just go do am so you go fit drop money.
 People now dey fall to quickly for crypto scams because to them the money wey dey promised as something the recipient go collect dey always huge so e go easily move them to fall and the fact say poverty don tie person for throat, one no go wan give am much thought or do research because all them dey see na how them go use comot from poverty.

[Promocodeudo]

No matter how much you talk about the dangers of ponzi schemes Nigerians would never listen because of their greed and eagerness to make money...cbex stole over 10 trillion naira from Nigerians, this is worse than what people experienced with mmm and the rest..And I know for a fact that if another ponzi schemes launches people would still do it..To those here that lost money in any of the recent ponzi schemes try to learn from your mistakes and stop looking for short cuts to make money, the forum gives out vital on informations on things to invest in.

I think this situation is very bad, sometimes I attribute this things to they nature of things in Nigeria, some persons feel that they can double there money through this ponzi even with the experience the my have had in the past, they forget that ponzi remains ponzi as such nothing has changed yet.

 I was discussing with a friend recently he told me about one ponzi scheme that he wanted to involve himself into, as a matter of fact he started telling me that he now understand how the ponzi scheme stuff works, I was a bit chorus to know what he wants to say exactly, he said brother man I don catch them this time, his exact words i now know how get this shit done,  he said if you want to get some money in ponzi, you should make sure you're among the first set of people that invested in it, I ask him how will you know that a ponzi scheme just started and what makes you feel that you'll even get your money back even though you are among the first investors in the shitty stuff, he was dumb founded I laugh, I told him bro you just have to fix your money into Bitcoin no matter how small, you'll grow it gradually until you get to the point you never expected instead of taking uncalculated risk that may likely lead you into regretting your actions.

[rachael9385]

A lot of scams wey de happen through cryptocurrency don de too much, na only di big ones de make headlines. No be news again say  plenty people loss dem hard earned money for di recent CBEX Ponzi scam, all dem money don enter voicemail because of ignorance. Other crypto Ponzi schemes go de happen but we no go hear because dem no make headlines.

Wetin make me to start dis thread na because of wetin happen two weeks back or thereabout. A brother called me from Port Harcourt, im sound very excited say soon im go begin to make money from Bitcoin. I congratulate am say na better investment be dat, den im begin to tell me say na for one investment platform. Im tell me say you go first register with dem with di sum of $25 and as you de bring more perticipants you go de climb for dem upline. Di more people wey you bring and di more money you invest di more you go de get profit. I tell am pointblank say na Ponzi scheme and im de risk im money for di investment.

Di most worrisome thing be say na for radio inside PH im hear about di investment before im come attend dem seminar and register with money. Abeg make we de very careful about get rich quick investments on social media and on radio, na scams dem be. Dis na di Link of di investment platform, abeg no go registeroo, I no bother to open di link, na to show proof I take de share am here. https://go.e1ulife.com/?affid=Ladyfab82

In the state where I reside there was a ponzi scheme that was trending few years ago and it was running smoothly for more than a year, due to how long it lasted people started trusting it more, this made them invest millions of naira into it. The end result is that it failed and now the developers are being chased constantly. Ponzi schemes will always fail but I don't know if it's naivity or ignorance that's making Nigerians fall victims for things like this. I hope they learn this time.

[Johnlomape]

Make we dey use our head because many scam ogbeni full for online na him make people need to dey on guard so that they no go mumu themselves go waste their money because of greed. Just like the way CBEX take fall wey make many people lost their money, we need to open our eyes so that we need to fall for ponzi scheme in the name of genuine scheme.
I know say many people go still lost their money this year because of greed of making too much in a limited time. I know say everybody need money but that one no mean say make we kon go lose guard anyhow because we wan become rich within short period of time.

[Callido]

A lot of scams wey de happen through cryptocurrency don de too much, na only di big ones de make headlines. No be news again say  plenty people loss dem hard earned money for di recent CBEX Ponzi scam, all dem money don enter voicemail because of ignorance. Other crypto Ponzi schemes go de happen but we no go hear because dem no make headlines.

Wetin make me to start dis thread na because of wetin happen two weeks back or thereabout. A brother called me from Port Harcourt, im sound very excited say soon im go begin to make money from Bitcoin. I congratulate am say na better investment be dat, den im begin to tell me say na for one investment platform. Im tell me say you go first register with dem with di sum of $25 and as you de bring more perticipants you go de climb for dem upline. Di more people wey you bring and di more money you invest di more you go de get profit. I tell am pointblank say na Ponzi scheme and im de risk im money for di investment.

Di most worrisome thing be say na for radio inside PH im hear about di investment before im come attend dem seminar and register with money. Abeg make we de very careful about get rich quick investments on social media and on radio, na scams dem be. Dis na di Link of di investment platform, abeg no go registeroo, I no bother to open di link, na to show proof I take de share am here. https://go.e1ulife.com/?affid=Ladyfab82

In the state where I reside there was a ponzi scheme that was trending few years ago and it was running smoothly for more than a year, due to how long it lasted people started trusting it more, this made them invest millions of naira into it. The end result is that it failed and now the developers are being chased constantly. Ponzi schemes will always fail but I don't know if it's naivity or ignorance that's making Nigerians fall victims for things like this. I hope they learn this time.

It's a tactic's longevity as key factor to operate without letting out their inmost mindset to steal from those who will trust them within that window of time. Those who are not blinded by greed will be able to spot out ponzi was they see one but we live somewhere that things are difficult so if they see a scheme where they can double their money within a short time so many will be lured into it. What pains most is that if another Ponzi comes up again there will still be those who will crowd fund the developers.