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.
Nigerian investors are reeling after discovering six alarming truths about collapsed platform CBEX. First, its promised 100% monthly returns were mathematically impossible, a classic Ponzi scheme hallmark. Second, the “secure” platform actually falsified withdrawal records to hide its insolvency, leaving users unable to access funds despite displayed balances.
Third, CBEX falsely claimed operations since 2017, while domain records prove it only launched in Nigeria in 2024. Fourth, it had no relation to China’s legitimate Beijing Equity Exchange despite similar branding. Fifth, its final “verification” process demanded 100−
100−200 payments – a brazen attempt to extract more money from victims.
Sixth, CBEX executed a coordinated exit scam: freezing withdrawals, deleting Telegram channels, and vanishing with funds. What began as a “transparent” investment platform ended as one of Nigeria’s largest digital frauds, leaving thousands financially devastated.
READ THE FULL STORY IN DAILY POST `
