Africa is one of the least talked-about subjects on our website. The socio-economic situation of the continent keeps it from leading financial projects or becoming a significant contributor. However, over the last decade, the continent has been the epicenter of several crypto scams that have terrorized people. Here is a brief list of some of the scams that have occurred over the last decade:
CBEX (Crypto Bridge Exchange)
This is one of the latest and most sophisticated crypto scams we will be listing. CBEX claimed to provide 100% ROI in just 30 days using AI. Interestingly, the firm was registered with Nigeria’s Corporate Affairs Commission and EFCC’s SCUML. However, it was never registered with the Securities and Exchange Commission (SEC).
The scheme collapsed in April 2025, resulting in a total financial loss of $650 million. This affected thousands of Nigerians and other users across Africa. The scale of the scam was so large that Interpol and the FBI joined forces to address the situation.
MTFE (Metaverse Foreign Exchange)
MTFE was claimed to be a multi-level marketing scheme targeting Asian and African markets. The principle was simple: work a country and then move on to the next. Randy Matthews founded the company.
The scheme primarily used a mobile application ecosystem to fuel their scam. The applications promised higher returns and a good return on investment (ROI). However, it was just another Ponzi scheme that resulted in billions of US dollars.
Chinmark Group
Last but not least, we have the Chinmark group. Marksman Chinedu Ijiomah headed the group. The group disguised itself as a conglomerate owning various business verticals, including real estate, agriculture, financing, and logistics.
The group promised a guaranteed return of 5%, but all of those were empty promises. By 2022, cracks in user trust began to appear as payments started failing. Soon, people caught on, and the Chinmark group was listed as yet another scam venture out of Africa.
