Another online investment platform identified as “XM Future Music Group” has reportedly crashed, leaving many Nigerians stranded and unable to access their funds.
It was gathered that the platform allegedly promised users unrealistic returns of up to 100 per cent within 30 days through a model that claimed participants could earn money by listening to music and completing online tasks.
According to findings, entry packages ranged from ₦21,600 to ₦93 million, with payouts promised in the hundreds of millions of naira.
The platform operating under the name “XM,” reportedly presented itself as a music promotion service where users could supposedly make money by streaming songs and carrying out simple digital activities.
However, it gained widespread attention after promoters allegedly advertised extraordinary returns, including claims that a ₦21 million investment could generate ₦327 million in just one month.
To gain full access to the scheme, users were reportedly required to pay a “work deposit” after a short trial period.
Trouble reportedly started within the last 24 hours after withdrawals suddenly stopped, support groups were muted or deleted, and the platform became inaccessible, a development many Nigerians described as typical signs of a collapsed Ponzi scheme.
It was further learnt that the operators of the platform had earlier circulated details of a foreign registration allegedly linked to Colorado in the United States in a bid to appear legitimate.
Financial experts, however, have repeatedly warned that fraudulent schemes often use foreign registrations and fabricated certifications to gain public trust.
Reacting to the reported crash of the platform, an X user identified as Jimmy Olajimmy lamented that many people ignored warning signs because of the desperation to make quick money.
“XM FUTURE MUSIC just crashed. Another MLM scheme gone,” he wrote.
“The pressure to make money these days is really making people ignore clear signs. Knowledge is important.
“Some people even registered on Sunday. I warned my wife before she joined because I already knew how these things usually end,” he added.
Another user identified as #BEazeb
“Greed don turn people to looters again. XM Future Music na classic Ponzi, now office dey empty while investors dey cry,” the user wrote.
“Make we learn abeg, nothing like ‘100% return in 30 days.’ If e too sweet, e dey poison,” he added.
Following the reported crash, many social media users have expressed their frustrations at the inability of the authorities to protect Nigerians and enforce stricter regulation of online investment platforms.
Others warned Nigerians to stay away from any platform promising guaranteed or unrealistic returns, stressing that most Ponzi schemes eventually collapse and leave investors counting losses.
Have you ever invested in any Ponzi scheme before? Have you ever lost money to any Ponzi scheme before? Share your thoughts in the comment below.