Nigeria: Financial desperation and the CBEX collapse
When CBEX, a digital asset trading platform, emerged with promises of 100% return on investment within a month, many Nigerians, worn down by economic hardship, saw it as a lifeline. But that hope turned into heartbreak when the platform collapsed, resetting user account balances to zero and leaving behind a trail of emotional and financial ruin.
In a country grappling with rising inflation, high unemployment, and limited economic opportunities, desperation often drives risky decisions.
For many Nigerians, CBEX seemed like a legitimate way to escape poverty. Investments were made in U.S. dollars, and the returns were said to be quick and life-changing. But the collapse proved otherwise.
The crash of CBEX is not the first of its kind. From MMM to more recent digital scams, Nigeria has a history of Ponzi-style schemes exploiting financial desperation.
In the end, the true cost of the CBEX crash isn't just the money lost — it's the trust broken, dreams shattered, and the desperation that led so many down a path of regret.
Copyright © 2022 Nigerian Tribune Provided by SyndiGate Media Inc. (Syndigate.info).
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