CBEX Scam Wipes Out N1.3 Trillion in Nine Months, Joins List of Infamous Ponzi Schemes
Nigerians have lost over N1.3 trillion to CBEX, a digital platform that promised 100% returns in 30 days but collapsed on Monday, April 14. CBEX launched in July 2024 and lured thousands with referral bonuses and fast payouts — classic Ponzi tactics.
Signs of trouble emerged on April 9 after users began reporting withdrawal issues. Despite reassurances from CBEX admins, the platform crashed days later. Angry investors, some losing millions, stormed CBEX offices in Ibadan and Lagos.
A crypto analyst revealed that funds were traced to a TRX wallet and laundered through USDT and ETH. The site was made to resemble ByBit, tricking users into believing it was secure.
CBEX operated without SEC registration, making it illegal. The SEC has warned the public, and under the new ISA 2025, Ponzi operators now face 10 years in jail and a N40 million fine.
CBEX now joins the ranks of MMM, Twinkas, and other infamous Nigerian scams, with total investor losses in the country surpassing N900 billion in two decades.
