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CBEX Scam: SEC Warns Against New Ponzi Scheme

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The Securities and Exchange Commission (SEC) has issued a public warning against Tofro.com, an online platform posing as a cryptocurrency trading service, labeling it a suspected Ponzi scheme.

The notice, published on the SEC’s official website, cautioned Nigerians to avoid investing in the platform, which is not registered with the Commission.

According to the SEC, investigations revealed that Tofro.com exhibits characteristics typical of fraudulent schemes, including promises of unusually high returns, reliance on a referral system to sustain payouts, and failure to honor withdrawal requests from subscribers.

The Commission emphasized that any person who invests in Tofro.com does so at their own risk.

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“The Commission hereby informs the public that Tofro is NOT REGISTERED by the Commission either to solicit investments from the public or operate in any other capacity within the Nigerian capital market,” the notice stated.

The warning comes amid growing concerns over the rise of crypto-related Ponzi schemes in Nigeria.

JournalNG reported that some Nigerians lost their funds after investing in Crypto Bridge Exchange (CBEX), a also digital trading platform.

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One Comment

  1. 🖊 + 1.785134 BTC.GET - https://graph.org/Ticket--58146-05-02?hs=caa7bd946eb656f1a65cf59a55b2d955& 🖊 says:

    e40032

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