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).
- MTFE extracted $1 billion from Nigerian investors before collapsing in 2024.
The rampant growth of cryptocurrency scams in Africa underscores the urgent need for enhanced regulatory frameworks and investor education. As the crypto market continues to evolve, stakeholders must prioritize transparency and accountability to protect vulnerable investors from fraudulent schemes.
