CBEX: What you need to know about crashed trading platform as Nigerians count losses

CBEX Crash: Ten times Nigerians lost billions after falling into hands of Ponzi schemes operators

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.

Media Talk Africa 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.

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