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International Business Times
International Business Times
Business

CBEX Crypto Scam: AI-hyped Ponzi Scheme Defrauds African Investors

Crypto Edwin Africa Telegram EFCC Nigeria
Following CBEX's collapse, Kenya's Capital Markets Authority issued an 'Investor Alert' about unregulated platforms (Credit: AFP)

Embarrassed and in debt, Edwin was left reeling after losing $16,000 to CryptoBridge Exchange (CBEX), one of the crypto-trading platforms preying on investors in Africa.

Edwin, a Kenyan government worker who only gave his first name out of shame, first encountered CBEX on Telegram, a messaging app.

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