CBEX crypto scam: AI-hyped Ponzi scheme defrauds African investors


Such scams are not new in Africa, but their scale and sophistication has grown as cryptocurrency spreads. — Pixabay

NAIROBI: Embarrassed and in debt, Edwin was left reeling after losing US$16,000 (RM67,464) 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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