Another online investment platform known as XM Future Music Group has reportedly crashed, leaving many Nigerians unable to withdraw their money.
Drivetvnews gathered that the platform attracted users with promises of huge profits, claiming investors could earn up to 100 per cent returns within 30 days by listening to music and completing simple online tasks.
Reports indicated that registration packages ranged from ₦21,600 to as much as ₦93 million, with promises of massive payouts running into hundreds of millions of naira.
Operating under the name “XM,” the scheme presented itself as a digital music promotion platform where users could supposedly make money through streaming activities and online engagements.
The platform gained popularity after promoters allegedly advertised extraordinary returns, including claims that a ₦21 million investment could generate ₦327 million within one month.
Users were also reportedly asked to pay a compulsory “work deposit” after completing a short trial phase before gaining full access to the platform.
Concerns began to spread after withdrawals suddenly stopped, support groups were locked or deleted, and the platform became inaccessible, raising fears that it had collapsed like many previous Ponzi schemes.
Promoters had reportedly used foreign registration details linked to Colorado in the United States to convince users the platform was legitimate.
Financial experts have repeatedly warned Nigerians to be cautious of investment schemes promising guaranteed or unrealistic returns, noting that many fraudulent operators often use foreign certificates and registrations to appear credible.
Reacting to the development, several social media users criticised the growing desperation for quick wealth, saying many people ignored obvious warning signs before investing.
Others described the platform as another classic Ponzi scheme, urging Nigerians to avoid investment opportunities that promise unusually high profits within a short period.
The incident has triggered renewed calls for stronger regulation of online investment platforms and tougher action against fraudulent financial schemes operating across the country.
