Cbex: Ponzi Scheme Crashes Just 2 Hours After Nigerian Lady Invested N2 Million in it

• A Nigerian lady shared the story of his brother's wife, who was one of the people who lost money in MMM
• The Mavrodi Mundial Moneybox (MMM) rendered many Nigerians financially incapacitated a few years back
• The lady said his brother's wife decided to put N2 million in it, but the Ponzi scheme closed its website just 2 hours later

A Nigerian lady has shared the story of how his brother's wife lost money in Mavrodi Mundial Moneybox (MMM).

According to the story, the lady had gathered N2 million and invested it in MMM, hoping to cash out from it.

The story was told on X by Iveomachukwu, who said the N2 million was split into four tranches and sent to people generated from the MMM system.

However, just two hours later, they heard that the MMM website was already showing signs of failure.

Iveomachukwu said:

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"My brother’s then GF now wife and I tried MMM with 2M naira - we split the money into 500k using 4 different accounts that we generated for the Ponzi scheme, we payed the people that were in line to be credited and they got their money. After about 3 hours, the site crashed."

Iveomachukwu said it took the grace of God for them to survive the trauma caused by the failure of MMM.

She said:

"It took the grace of God for us not to run mad. That was the day I swore that no matter how tempting something is, if it involves stupid risks, I’m never taking it. Even if it’s invest 5k and get 5M, I won’t do. I’d rather eat shawarma with that money."

Why people fall cheaply for Ponzi schemes

When asked why Nigerians fall for Ponzi schemes, Ub Edem Uman, a Facebook user with deep insights about Ponzi, said one of the reasons is illiteracy.

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UB said he, too, fell for MMM back in the day. After losing his money, he started studying Ponzi schemes, enabling him to be able to predict and warn people about Cbex.

He told Legit.ng:

"There are so many reasons, I will talk about the few that readily come to mind. Illiteracy is a major factor. Don't let anyone deceive you that education is a scam, there is a certain level of wisdom you will possess by having access to some certain information. Another factor is the present economic hardship faced by majority of Nigerians. The cost of living has tripled in the past 2 years, there are no jobs, majority of farmers can't cultivate their farms as a result of the insecurity issue in the country. The earning power is rapidly reducing while the bills keep increasing, this can make people engage in Ponzi schemes as a means of providing for their families."

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See the post below:

Reactions to the failure of Ponzi schemes

@Phatgold said:

"It seems like I’m the only person that didn’t do MMM at all in Nigeria. I did the analysis and understood that there’s an end to the cycle, so I decided to follow my thoughts."

@RikersAv said:

"Na like the later stages, the first people do am, move on na people wey continue am e bounce."

@oracle_zamani said:

"I’m sorry I laughed but this was nearly my story, I don gather money wey I go use invest, the next thing I heard is that the site have crashed… the way I thanked God eeh and that was my last time nursing that kind of thought."

@Ugochukwu_96 said:

"If you're also among people who punzi schemes does not ever benefit, gather here."

@Iamkrebkira said:

"I got scammed last year sef."

Catholic priest reacts to the failure of Cbex

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Nigerian doctor narrates how he almost lost N400k to online scammers, shares what saved him

Earlier, Legit.ng reported that a Nigerian Catholic priest has shared his observation about the alleged crash of Cbex, a digital assets trending platform.

Reverend Father Kelvin Ugwu, a Nigerian priest who is on a mission to the Gambia, said people do not want to be told the truth.

His comments come as people are alleging on social media that Cbex had crashed and that investors' funds are trapped.

Source: Legit.ng