Another online investment platform ‘XM Future Music Group’ crash£s, tr∆ps users’ funds
Another online investment platform identified as “XM Future Music Group” has reportedly crashed, leaving many Nigerians stranded and unable to access their funds.
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.
Entry packages reportedly ranged from ₦21,600 to as high as ₦93 million, with promises of payouts running into hundreds of millions of naira.
Operating under the name “XM,” the platform 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.
Promoters 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.
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Reacting to the development, 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 #BEazebuy also described the platform as a classic Ponzi scheme.
“Greed don turn people to looters again. XM Future Music na classic Ponzi, now office dey empty while investors dey cry,” the user wrote.
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