Social media users have continued to express frustration and concern following reports that another online investment platform, “XM Future Music Group,” has allegedly crashed, leaving many Nigerians unable to access their funds.
The platform reportedly attracted users with promises of unrealistic returns of up to 100 per cent within 30 days through a system that claimed participants could earn money by listening to music and carrying out online tasks.
Reports indicated that subscription packages ranged from ₦21,600 to as high as ₦93 million, with assurances of massive payouts running into hundreds of millions of naira.
Operating under the name “XM,” the scheme was presented as a music promotion platform where users were allegedly paid for streaming songs and completing simple digital activities.
The platform later gained attention online after promoters allegedly circulated claims that a ₦21 million investment could yield ₦327 million within one month.
Users were also reportedly asked to pay a “work deposit” after completing a short trial phase before gaining full access to the platform.
Signs of trouble reportedly emerged within the last 24 hours after withdrawals stopped, support groups were either muted or deleted, and the platform became inaccessible — developments many Nigerians described as common indicators of a failed Ponzi scheme.
Reacting on X, one of the alleged victims identified as @CAvul wrote, “Please Nigeria I need help am scammed by one group call xm music something I put money and they money is not my own please Nigeria help me.”
Also reacting, @OlajimmySamuel wrote, “XM FUTURE MUSIC just crashed. Another MLM scheme gone.😂 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. I warned some others too, but many people don’t listen until things crash.”
Lamenting the development, @placecallednotg wrote, “XM future music have crashed 😭😔 all my millions.”
@BEazebuy tweeted, “Greed don turn people to looters again. XM Future Music na classic Ponzi, now office dey empty while investors dey cry. Make we learn abeg, nothing like “100% return in 30 days.” If e too sweet, e dey poison. Stay woke, no let them use music sweet your money commot. Ponzi end in tears always.”
“Is not easy to make money I lost 220000 thousand naira on XM music future platform I have being holding crypto for long time but no profit yet,” @PaschalAme10755 opined.
This comes a year after a similar trading platform, Crypto Bridge Exchange Smart-Treasures, popularly known as CBEX, crashed under similar circumstances.
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