Nigerians Count Losses as CBEX Locks Them Out
Nigerians are taking to social media to air their losses, having been cut off from the digital-asset trading site, ‘CBEX’. It was previously claimed as an opportunity for high returns, but has now turned out to be what all classic Ponzi schemes do. It is understood that CBEX siphoned more than $809m (₦1.3 trillion) from investors’ accounts before the crash.
How Did CBEX Scam Nigerians?
1. False Promises
To unsuspecting citizens of Nigeria, CBEX offered returns of 100% within one month. Most people fell for that and invested more money, believing that by now their money would have doubled.
2. Fake Trading and Withdrawals
All the trades displayed on the platform were fictitious. When investors tried to withdraw money, the site would delay the process or impose “verification fees.” Eventually, it would lock out the users with the excuse of “technical problems.”
3. Illusion of Legitimacy
CBEX attempted to legitimize its scheme by impersonating the designs of various platforms like ByBit. It had no registration or regulation and sweated the funds through TRX wallets, which were ultimately converted into USDT and ETH. This tactic posed an extra step in the traceability process.
4. Fake Lifelines and Telegram Responses
This excuse was given by CBEX’s administrators to somewhat calm investors by stating it was a “hack” and then have since proceeded to offer fake verification schemes, like $200 verification for a withdrawal of $2,000. This was merely another way to extort money from investors.
CBEX Review: Red Flags to Remember
No Regulatory Approval
CBEX has not registered with Nigeria’s SEC; therefore, it has contravened the provision of ISA 2025. The SEC has issued the latest bulletin warning the public from participating in any unregistered Forex or crypto trading platform.
Classic Ponzi Model
Justifying their Ponzi nature, CBEX utilized the incoming monies deposited by new users to satisfy the withdrawal requests of old users and thereby create a semblance of profit till the whole system collapsed.
Emotional Toll on Victims
The videos of victims wailing, angry outbursts in the offices of CBEX, and mass public rage display the emotional harm done. One investor said, “All my $4,000 is gone; I was invited in the name of making more money.”
What’s Next?
Currently working with Interpol and the FBI for the location of the perpetrators behind CBEX and the possible recovery of lost funds, the EFCC is also advising users to steer clear of suspicious platforms and verify all investment opportunities with the relevant authorities.
Do you think you’ve been misled by CBEX or any other suspicious platform?
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