Since 2016, Africa’s crypto boom has empowered millions—but it’s also birthed some of the world’s most audacious digital frauds.
From 2016 to 2025, Africans lost billions to crypto scams that preyed on hope, hype, and financial desperation. Nigeria alone reported over $2 billion in losses, with scams like CBEX, MTFE, and Africrypt dominating headlines. These platforms promised massive returns using buzzwords like AI trading, metaverse forex, and blockchain dividends—yet delivered financial ruin instead.
Top scams included:
A. CBEX (2024–2025): A fake AI trading platform that stole over ₦1 trillion ($650M) before attempting a “recovery scam” asking victims for reactivation fees.
B. MTFE (2022–2024): MLM scheme that hit Nigeria, Sri Lanka, and Bangladesh, stealing over $1B.
C. Africrypt (2021): Two South African brothers vanished with $3.6B in Bitcoin after a fake hack.
D. RackSterli, InksNation, and Chinmark: Promised 24-hour ROIs or monthly “poverty eradication salaries.”
E. Bitstream Circle & Crypto Mzansi: East and Southern African scams targeting users via WhatsApp and Telegram.
F. OneCoin & BitConnect: Global frauds that swept through Africa, stealing billions with no real blockchain tech.
Fraud thrives where financial literacy is low and regulation is weak. To avoid falling victim:
✓ Don’t trust “guaranteed” high returns.
✓ Be wary of platforms pushing referrals over products.
✓ Verify licenses with regulators.
✓ If it sounds too good to be true, it probably is.
Africa’s crypto future remains bright—but only if lessons from the past are learned.
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