365NEWS gathered that Thousands of Nigerians on different social media platforms on Tuesday counted their losses as a digital asset trading platform, CBEX, reportedly swept over N1.3 trillion from their investors’ accounts.
CBEX, which lured users with promises of a hundred per cent return on investment within 30 days, crashed abruptly.
Investors were shocked to find their digital wallets emptied.
As a result, CBEX shut down its Telegram channels and froze all withdrawal options.
The platform then introduced a so-called “verification” process in a last-ditch attempt to maintain control.
CBEX apparently demanded $100 or $200 from users in exchange for a supposed chance to recover their lost funds, further raising suspicions of a coordinated scam by the platform.
DAILY POST brings you what you need to know about the crashed online trading platform.
1. CBEX is a digital asset trading platform that gives investors 100 per cent Return On Investment, ROI, in 30 days.
2. Its purported goal was to create a secure, transparent environment for transactions.
3. The platform is said to display falsified withdrawal records to mask the difficulties users face when trying to access their funds.
4. Multiple investors took to the social media site to express their dissatisfaction following the suspension of the withdrawal feature on April 10.
5. Its operations commenced in Nigeria in 2024, despite claims of existence since 2017, a timeline that contradicts its domain registration and distinguishes it from the legitimate China Beijing Equity Exchange.
6. Its operational model has now come under scrutiny as allegations of fraud and deceptive practices emerge.
‘Nigerians don’t learn,’ Reactions as investors weep after losing earnings to crashed CBEX
A wave of outrage, mockery, and sorrow has taken over Nigerian social media after the reported collapse of CBEX, a digital asset trading platform that allegedly swept over ₦1.3 trillion from investors’ wallets, leaving many devastated and penniless.
The crash, which occurred on Monday, has sparked renewed debate about Nigerians’ susceptibility to fraudulent investment schemes, with many X (formerly Twitter) users expressing disbelief that such a platform thrived despite numerous warnings.
CBEX, a platform that promised 100 per cent return on investment in 30 days through purported AI trading, vanished with investor funds over the weekend.
Security experts say at least $822.8 million worth of assets were moved into a private Ethereum wallet, even as users’ wallet balances dropped to zero.
Telegram channels were locked, and a new so-called “verification” process was introduced, asking for an additional $100 or $200 from investors hoping to retrieve their locked funds.
The incident immediately drew comparisons to past Ponzi schemes like MMM, which collapsed years ago and cost many Nigerians their savings.
“After the MMM shege, Nigerians still invest in Ponzi,” wrote @MissCazorla1, who did not mince words in calling out what she described as the financial and political “foolishness” of some Nigerians.
Another user, @emma75039, who revealed they lost ₦100,000 to MMM, lamented, “Don’t you people ever think? Now CBEX has done you people dirty again.”
Some users expressed disbelief that CBEX could have ensnared so many victims despite its relative lack of visibility.
“This CBEX thing was not popular at all,” tweeted @lollypeezle. “You guys were making money in silence, hiding updates, and now you want us to pity you. Ko le werk. Cry.”
Meanwhile, others used the moment to warn fellow Nigerians about the dangers of fast-return schemes.
“Any investment scheme that defiles the principles of wealth creation is a scam,” wrote @Fx_General_, adding, “Y’all will be alright.” @OtunbaOluw13800 echoed similar sentiments, warning that Nigerians should learn to scrutinize investment opportunities: “MMM never teach una lesson?”
The Securities and Exchange Commission (SEC), in response, has warned Nigerians to steer clear of unregistered platforms.
With the newly signed Investments and Securities Act 2025, digital asset exchanges and online forex platforms must now be licensed to operate, or risk sanctions.
