Another online investment platform known as XM Future Music Group has reportedly crashed, leaving numerous Nigerian users unable to access their funds.
The platform was said to have attracted widespread participation with promises of high returns within a short period.
According to reports, XM Future Music Group claimed users could earn money by listening to music and completing simple online tasks.
Participants were reportedly offered returns of up to 100 per cent within 30 days, a claim that drew significant attention across social media platforms.
Entry packages on the platform allegedly ranged from ₦21,600 to as high as ₦93 million, with assurances of substantial profits.
Some promotional materials circulated by the platform suggested that an investment of ₦21 million could yield ₦327 million within one month.
The platform operated under the name “XM” and presented itself as a digital music promotion service.
Users were reportedly required to pay a “work deposit” after an initial trial period to continue participation in the scheme.
Trouble began to emerge within the last 24 hours when users reported being unable to withdraw their funds.
Several participants also disclosed that communication channels, including support groups, were either muted or deleted.
The platform subsequently became inaccessible, fuelling concerns among subscribers about the safety of their investments.
Promoters of the scheme had earlier circulated claims of foreign registration, allegedly linking the platform to Colorado in the United States.
The move was reportedly aimed at enhancing the credibility of the platform among prospective investors.
Financial analysts have consistently warned that such schemes often rely on fabricated credentials to attract unsuspecting participants.
Reacting to the development, a user on X identified as Jimmy Olajimmy lamented that many ignored warning signs.
“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,” he added.
He further noted, “Some people even registered on Sunday. I warned my wife before she joined because I already knew how these things usually end.”
Another user identified as #BEazebuy described the platform as a typical fraudulent scheme.
“Greed don turn people to looters again. XM Future Music na classic Ponzi, now office dey empty while investors dey cry,” the user said.
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The incident has triggered reactions online, with many Nigerians calling for stricter monitoring of digital investment platforms and increased public awareness.