The CBEX Catastrophe – A Costly Crypto Scam That Rocked Nigeria

The CBEX Catastrophe – A Costly Crypto Scam That Rocked Nigeria

In the world of fast-moving investments and promises of overnight riches, many Nigerians found themselves caught in the snare of a crypto platform that turned out to be nothing more than a well-disguised Ponzi scheme. The name? CBEX.

What Was CBEX?

CBEX claimed to be a revolutionary crypto trading platform, boasting AI-powered strategies that could double investors' money in just 30 days. For many, it sounded like the golden opportunity they’d been waiting for. With referrals, bonuses, and flashy marketing, the platform quickly gained traction—especially among young people looking for financial freedom.

But beneath the shiny surface, CBEX was laying the groundwork for disaster.

The Sudden Collapse

In early April 2025, users were shocked when CBEX suddenly suspended withdrawals, citing a mysterious “security breach.” Shortly after, people logged into their accounts only to find their balances wiped clean.

As panic set in, CBEX introduced a new requirement: users had to pay a "verification fee"—ranging from $100 to $200—just to recover their own funds. This was the final red flag. The illusion shattered.

Chaos and Outrage

The aftermath was chaotic. In cities like Ibadan, furious investors stormed CBEX offices, looting equipment in an attempt to reclaim something—anything—from the wreckage.

On social media, heartbreaking videos surfaced: students who had invested their school fees, traders who had staked their entire savings, and families who now had nothing to fall back on. While some sources suggest total losses may have reached $800 million, more cautious estimates still place it around $12 million. Either way, the damage was done.

Lies and Deception

CBEX tried to legitimize itself by claiming to be registered in Canada and certified by U.S. regulators—claims that were later proven false. No such company existed in Canadian directories, and no official body in the U.S. had any record of CBEX.

Where Were the Warnings?

Although Nigeria’s SEC and EFCC have now issued warnings and are reportedly investigating, many believe action came too late. It’s yet another example of how fraudsters prey on financial desperation and weak regulatory oversight.

What We Can Learn

The CBEX saga is a painful reminder of the dangers lurking in the digital investment space. If an opportunity promises guaranteed high returns with little risk, it's likely too good to be true.

Always do your homework:

• Check for verified business registrations.
• Be skeptical of platforms that demand deposits or fees to access "returns."
• Avoid platforms that rely heavily on referrals to grow.

Final Thoughts

To those who were affected by CBEX, my heart goes out to you. This blog isn’t just a report—it’s a call for awareness. Let’s talk about these scams, share our stories, and most importantly, protect each other from falling into similar traps in the future.

Stay safe. Stay smart.

— LushWhispers