A digital asset trading platform, CBEX has crashed, raising alarm among its users and eliciting reactions from netizens on why Nigerians fall for such Ponzi schemes.
Since Friday, many have expressed concerns about CBEX’s operations, with some suggesting it exhibits characteristics of a Ponzi scheme.
On X (formerly Twitter), opinions are varied but largely critical, particularly among those who have witnessed previous Ponzi schemes in Nigeria.
One user, @al_amrrn _yabo, stated that investing in CBEX equates to gambling and showed little sympathy for those who lost their money, emphasising a belief that many are simply driven by greed.
“You are not an investor when you put your money in CBEX or any Ponzi scheme. You are just a greedy gambler who’s desperate to make money out of anything.
“I don’t feel bad for anyone who loses money on a Ponzi scheme. I trust Nigerians to put their money in the next Ponzi scheme,” he said.
@rukky_nate echoed this sentiment, citing past Ponzi schemes like MMM and Rackstelli, which had similar disastrous outcomes.
She remarked that despite the repeated financial losses, Nigerians continue to fall for new schemes.
“MMM was a Ponzi that crashed. Rackstelli was a Ponzi that crashed. MBA Forex was also a Ponzi that crashed. CBEX is a certified Ponzi that just crashed.
“But guess what? Nigerians will still invest in the next Ponzi that pops up. A fool and his money will always part ways,” the X user stated.
@Capital_dc highlighted the cyclical nature of such scams, attributing their persistence to the human tendency toward greed and the unwillingness to learn from past failures.
He said that “you know why scams like CBEX will never end and continue to cash out on intentionally gullible humans? Cuz they operate on your greed.
“You haven’t learnt from MMM, Racksteli and co. Don’t worry, another one will come and u will still fall for the same trick.”
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Meanwhile, the distress of those who lost substantial amounts was made evident when one user pointed out that someone lost $180,000 in the CBEX collapse, questioning the judgment of investors who would risk such huge sums.
@drpengking said: “This guy lost 180k dollars on CBEX. Why Nigerians mumu like this? Even if you are too lazy to run a business, you can build at least 10 three-bedroom flats spread across Nigeria with that amount and rent them out. You’d never be broke again forever.”
Amidst these discussions, @pendingustaz expressed a controversial view, suggesting that sometimes people need to learn through hardship, reiterating that despite numerous Ponzi schemes having emerged over the years, many continue to invest without learning from history.
This individual listed a series of previous scams in Nigeria, dating back to 2016, showing the alarming frequency of these financial traps.
Overall, while the crash of CBEX has triggered widespread concern and debate, it has also highlighted a disturbing trend of persistent gullibility among some investors, despite the lessons of the past.
