Nigeria, April 16 -- When Okikiola Abdul invested $300 in a supposed forex trading platform, Cryptocurrency Exchange (CBEX), in March, he hoped to use the proceeds from his investment to rent a new apartment and finish up some personal projects.

First, the idea of a 100 per cent return on investment promised by CBEX seemed too good to be true. But Mr Abdul, who recently completed his degree programme at Ekiti State University, nursed fears that the forex trading platform could be a new Ponzi scheme. Yet, a close friend who had traded on the platform for six months managed to convince him.

"In less than 35 days, I was supposed to receive $600, the double of my $300 investment," he said.

However, a post by a popular X user, Man of Letter...