CBEX Collapse: What You Should Know About Nigeria’s Latest Ponzi Scheme Disaster
Photo Used for story illustration: Photo Credit: The Nation Digest
CBEX, a digital asset trading platform that once promised its users 100% returns within 30 days, has abruptly collapsed, leaving thousands of Nigerians who invested in the platform devastated. With losses reportedly exceeding ₦1.3 trillion, the incident marks one of Nigeria’s most alarming Ponzi-style crashes in recent history.
CBEX claimed to be a digital trading platform affiliated with the China Beijing Equity Exchange. But investigations have revealed that the platform had no official connection to the main China Beijing Equity Exchange. It merely adopted the name to lend legitimacy to its operations and gain the trust of investors.
The platform operated by promising unrealistic investment returns, doubling users’ capital within a month. Investors were encouraged to refer others and earn commissions, following the classic Ponzi structure. Many were lured by social media posts, the flashy lifestyles of top “earners,” and the illusion of a booming investment opportunity.
Collapse and Aftermath
CBEX began to show signs of trouble in early April 2025. On April 9, the platform suspended withdrawals, citing a “security breach.” Then came the demand: users were told to deposit more money for account verification before they could access their funds, a typical stalling tactic in Ponzi collapses. By April 14, 2025, the platform went completely dark. User accounts were wiped clean, Telegram groups were shut down, and CBEX’s communication channels disappeared.
Since then, those who lost their money through the platforms has taken to social media. Videos of protests and testimonies flooded TikTok, X (formerly Twitter), and Facebook, as victims lamented the loss of their life savings. Online reports also showed that angry investors, realizing they had been duped, took to the streets. CBEX offices in Ibadan and Lagos were looted.
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Securities and Exchange Commission (SEC) Reacts
A report showed during a virtual session with fintech stakeholders on Monday, centered around the recently enacted Investment and Securities Act (ISA) 2025, SEC Director General, Emomotimi Agama has warned against dangers of engaging with unregulated platforms.
According to him, “Recently, a particular platform has gained attention online, with numerous posts going viral regarding its activities. Subsequently, there have been reports suggesting its shutdown. I want to make this clear; if a platform is not registered with the SEC, it is illegal.”
In a digital age full of online investment platforms, SEC warnings coupled with CBEX collapse serve as reminders that not all that glitters is gold. The burden of vigilance rests not just on the government but also on individuals.
It is important to point out that any platform that guarantees extremely high returns with little or no risk is likely a scam. These are classic red flags often used by fraudulent schemes to lure unsuspecting victims. Secondly, it’s critical to verify before investing. Nigerians should always confirm that a platform is duly registered with the Securities and Exchange Commission (SEC) or other relevant authorities