Legit.ng releases statement on another deceptive Ponzi scheme amid CBEX saga, beware Nigerians

• It has travel to the attraction of Legit.ng that a fraudulent website progressive successful crypto-currency scam, has cloned the leafage of the starring online quality level to springiness immoderate signifier of credibility to its duplicitous activity
• This comes arsenic Nigerians connected respective societal media platforms person begun to number their losses arsenic a integer plus trading level popularly known arsenic CBEX reportedly crashed
• By this nationalist notice, Legit.ng has warned unsuspecting members of the nationalist of this deceptive webpage and peculiarly that we bash not sell, woody oregon endorse immoderate crypto-currency platform

Legit.ng writer Ridwan Adeola Yusuf has implicit 9 years of acquisition covering nationalist affairs successful Nigeria.

Ikeja, Lagos authorities - Nigeria's starring integer media platform, Legit.ng, connected Thursday, Apairl 17, dissociated itself from a sham Ponzi scheme.

The website, novatrailp.com, disguised arsenic Legit.ng, is targeting unsuspecting Nigerians. Novatrailp.com promotes Jau Crypto, which it claims helps "ordinary citizens person monthly dividends and go richer".

Legit.ng does not run a Ponzi scheme.
Source: Original

It comes astatine a clip erstwhile thousands of Africans fell unfortunate to the arguable integer concern platform, CryptoBank Exchange (CBEX).

Recall aggravated 'investors' turned to societal media to picture however they person been locked retired of their accounts connected CBEX. People made posts online, saying that they could not retreat their investments and disquieted that their money had gone.

A viral video showed a pistillate Libya returnee identified arsenic Bola weeping astatine CBEX's office's entranceway successful Ibadan, successful Nigeria's southwest Oyo state, devastated by the nonaccomplishment of her savings.

The video can beryllium watched below:

In the aforesaid vein, chaos erupted successful Ibadan connected Monday, April 14, arsenic a mob of alleged disgruntled investors stormed the CBEX bureau successful Oke-Ado country pursuing the reported clang of the integer trading platform.

The institution had promised that investors would treble their wealth each month. Nigeria is presently facing straitened economical times and galore are hopeless to find a mode to boost their income.

Nigerians person mislaid a whopping N4.8 trillion to scams since MMM’s illness successful 2016, according to salient economist Paul Alaje.

Many Nigerians reportedly mislaid millions of dollar to CBEX. Photo credit: @cbex_official
Source: Twitter

Amid the furore, Legit.ng's Editor-in-Chief, Rahaman Abiola, urged greater caution from the public.

Raising alarm astir Nigeria having a "serious problem" astatine hand, Abiola noted that caller revelations person shown that transgression enterprises are deploying phoney websites to defraud the masses of their hard-earned money.

A screenshot of a leafage from the spurious website. The accusation misleads the nationalist into believing it is Legit.ng's website.
Source: UGC

He said successful a statement:

“For the avoidance of doubt, Legit.ng has ne'er and is not presently moving an immoderate scheme, overmuch little 1 that promises abnormal, higher rates of instrumentality connected investment."

Abiola added:

"The federation is already dealing with a bid of crimes involving unlicensed Ponzi schemes and dubious integer plus platforms. It is unacceptable to person yet different beforehand from crime."Our close website is: https://legit.ng; members of the nationalist are advised to look retired for this close url (https://www.legit.ng) successful viewing contented from Legit.ng arsenic we pb the way."

CBEX: SEC warns Nigerians

Meanwhile, the Securities and Exchange Commission (SEC) has warned Nigerians to steer wide of unregistered concern and integer plus platforms.

Speaking connected the recently signed Investments and Securities Act 2025, the SEC said immoderate level not registered with the Commission is illegal—and volition beryllium unopen down.

The manager of acknowledgement astatine the SEC, Dr. Emomotimi Agama, said the caller instrumentality empowers the committee to ace down connected Ponzi schemes, fake tokens, and unregistered exchanges, portion besides promoting innovation successful the FinTech space. He cautioned celebrities and influencers to beryllium mindful of their engagement with questionable integer assets and meme coins that could harm Nigerians.

Dr. Agama stressed that the SEC welcomes maturation successful integer finance, but lone wrong the model of transparency, accountability, and afloat compliance with the law.

Read much connected CBEX:

• Man who cried retired aft losing N9 cardinal to CBEX gets onshore worthy N30m, explains however it happened
• Observant woman shares concealed down CBEX, gives elaborate investigation of crashed concern scheme
• Full list: 11 Popular ponzi schemes Nigerians volition ne'er forget

'Painful' - FG sympathises with CBEX investors

Earlier, Legit.ng reported that the national authorities sympathised with victims of CBEX.

The authorities stressed that citizens indispensable enactment unneurotic to extremity the emergence of ponzi schemes successful the country.

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Source: Legit.ng