Ponzi schemes: 11 scams that fooled Nigerians before CBEX, full list, details surface

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The integer trading level CBEX has reportedly crashed, vanishing with implicit N1.3 trillion and leaving thousands of Nigerian investors stranded
CBEX reportedly promised unrealistic returns of 100% wrong 30 days, pursuing a acquainted signifier seen successful erstwhile Ponzi schemes similar MMM, Twinkas, Ultimate Cycler, and others
However, this nonfiction presents different apical fraudulent concern platforms that Nigerians fell unfortunate to and yet mislaid their funds

Legit.ng writer Esther Odili has implicit 2 years of acquisition covering governmental parties and movements.

Nigerians, including galore astir the world, person been deed by the unexpected quality that the CBEX Trading concern level has reportedly crashed.

Alleged clang of strategy sparks concern

CBEX's alleged crash has sparked outrage, mockery, and sorrow connected Nigerian societal media abstraction with netizens sharing their acquisition done videos and comments.

The caller clang of the integer plus trading platform, that allegedly vanished with implicit N1.3 trillion, has erstwhile again exposed the vulnerability of Nigerians to fraudulent concern schemes.

CBEX promised a 100% instrumentality connected concern wrong 30 days, but similar erstwhile Ponzi schemes earlier it, the level collapsed suddenly, leaving thousands of investors and hopeless Nigerians stranded.

Despite the achy past of fiscal scams, the inclination of “get-rich-quick” person continued to gully unsuspecting participants into fiscal traps.

However, this nonfiction presents immoderate fashionable Ponzi schemes Nigerians volition ne'er hide successful a hurry;

1. MMM

As reported by The Nation, MMM was 1 of the apical Ponzi schemes successful Nigeria, promising returns of up to 30% wrong 30 days. It operated arsenic a peer-to-peer donation level without immoderate existent concern backing. When it crashed successful precocious 2016, millions of Nigerians mislaid their money, highlighting the dangers of unregulated fiscal schemes.

2. Twinkas

Twinkas promised participants treble their concern wrong a abbreviated period, utilizing a referral-based exemplary to thrust growth. Like galore Ponzi schemes, it relied connected caller users backing returns for older ones. It gained traction rapidly but yet collapsed, leaving galore participants successful fiscal distress.

3. Ultimate Cycler

Ultimate Cycler operated connected a matrix strategy wherever participants were required to wage into the strategy and enlistee others to gain returns. It gained popularity owed to debased introduction costs but failed to prolong itself. Many users were incapable to rhythm retired and retrieve their archetypal investments.

List of fashionable ponzi schemes Nigerians volition ne'er hide emerges

4. Givers Forum

Marketed arsenic a communal assistance community, Givers Forum encouraged users to “help” others financially successful speech for aboriginal “help.” It mimicked MMM’s operation and made akin promises of precocious returns, but similar others, it couldn’t past erstwhile the inflow of caller participants slowed down.

5. I-Charity

I-Charity branded itself arsenic a planetary donation level wherever radical gave money and received much successful return. It utilized a multi-level referral operation to lure successful members. Although framed arsenic a charitable initiative, it yet collapsed owed to its unsustainable model.

6. Crowd Rising

Crowd Rising focused connected adjacent donations and mentorship-based recruitment. Members had to donate to higher-ranking users to suffice for receiving donations. It was promoted arsenic a crowdfunding accidental but rapidly showed signs of being a classical Ponzi setup erstwhile withdrawals became impossible.

7. Clarrita

Clarrita presented itself arsenic a unsocial accidental for fiscal growth, with participants asked to marque donations successful speech for profits. It utilized persuasive selling and assemblage connection to pull users but failed to present connected its promises erstwhile caller recruits dwindled.

8. Smile2Charity

Smile2Charity offered precocious returns for tiny donations, positioning itself arsenic a charitable cause. Its pyramid-style operation meant lone top-level participants benefited. It yet went silent, leaving precocious joiners with important losses.

9. Help2Get

Help2Get was different donation-based strategy with promises of speedy and monolithic returns. It operated without immoderate regularisation oregon transparency. Once maturation stalled, the strategy collapsed, proving erstwhile again the hazard of specified unverified platforms.

10. Get Help World Wide

Get Help World Wide was 1 of the better-known offshoots of MMM, utilizing a akin “provide help, get help” format. It gained a ample pursuing and ran parallel schemes successful antithetic countries earlier folding nether the unit of payouts.

11. Donation Hub

Donation Hub encouraged users to donate to others with the assurance of receiving treble successful return. It portrayed itself arsenic a community-driven level but failed to support idiosyncratic spot arsenic complaints astir outgo delays and scams grew, starring to its downfall.

Read much astir CBEX:

Video shows however OSBC allegedly promoted CBEX scheme

Meanwhile, Legit.ng reported that a viral video has exposed the Osun State Broadcasting Corporation (OSBC) for allegedly promoting the CBEX scheme.

CBEX officials reportedly gave airtime connected a programme aired connected OSBC to advertise the strategy arsenic a poorness alleviation initiative, urging Nigerians to invest.

The video has attracted mixed reactions from Nigerians, arsenic galore criticised the OSBC for endorsing the concern level that has reportedly crashed.

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Source: Legit.ng

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