Thousands of Nigerians are unable to access funds after suspected Ponzi platform XM Future Music Group abruptly collapsed.
Another online investment platform, XM Future Music Group, has reportedly crashed, leaving many Nigerians unable to access their funds amid fears of a Ponzi scheme.
The platform, known as XM, promised returns of up to 100 per cent within 30 days through music streaming and digital tasks.
Subscription packages ranged from N21,600 to N93 million, with claims that N21 million could yield N327 million in one month.
Trouble began when users reported failed withdrawals in the past 24 hours, alongside the disappearance of support groups and shutdown of the website.
Subscribers were also required to pay a “work deposit” after a trial phase.
Promoters had circulated documents claiming the business was registered in Colorado, United States.
Financial experts warn such high-return schemes lack regulation and transparency.
The incident has renewed concerns over rising unregulated digital investment platforms targeting Nigerians.
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