A Nigerian crypto trading platform that collapsed in 2025, leading to significant investor losses.
The African Startups That Imploded in 2025: Fraud, Missing Millions, and Public Meltdowns
Thepeer, a Nigerian fintech, shut down after co-founder Sultan Akintunde alleged $1.2 million in missing funds due to fraud. Paystack's co-founder Ezra Olubi was fired over misconduct allegations, raising questions about reputational risk and termination processes.
‘CBEX’ promised to double Nigerians’ money. Now over ₦1 trillion could be gone
CBEX promised investors a 100% return on investment within 30 days, a classic sign of a Ponzi scheme. Users were required to recruit at least 12 people before being allowed to withdraw profits.
