A Nigerian crypto trading platform that collapsed in 2025, leading to significant investor losses.
The African Startups That Imploded in 2025: Fraud, Missing Millions, and Public Meltdowns
Thepeer, a Nigerian fintech, shut down after co-founder Sultan Akintunde alleged $1.2 million in missing funds due to fraud. Paystack's co-founder Ezra Olubi was fired over misconduct allegations, raising questions about reputational risk and termination processes.
Condia Insider: Moniepoint faces lawsuit
An ex-Moniepoint executive is suing the fintech unicorn for stock options worth nearly $890K after claiming the company changed the terms of his vesting. The SEC has issued a warning against the rebranded CBEX platform, which previously locked out over 600,000 Nigerians and is now operating under a
A timeline of Crypto ponzi scams targeting African Investors since 2016 till date
Nigeria reported losses exceeding $2 billion due to cryptocurrency scams since 2016. The CBEX collapse in April 2025 resulted in estimated losses exceeding ₦1 trillion ($650 million).
BREAKING: CBEX Ponzi investment platform collapses, leaving investors $12 million poorer
CBEX froze user accounts without warning, leading to protests in Ibadan and Lagos. Initial reports indicated investors lost up to ₦1.3 trillion, but independent analyses estimated losses between $6.1 million and $12 million.
‘CBEX’ promised to double Nigerians’ money. Now over ₦1 trillion could be gone
CBEX promised investors a 100% return on investment within 30 days, a classic sign of a Ponzi scheme. Users were required to recruit at least 12 people before being allowed to withdraw profits.
