While many were minding their business, hustling through the month, thousands of Nigerians were quietly watching their money disappear, literally. The now-infamous digital investment platform CBEX has reportedly crashed, vanishing with over ₦1.3 trillion of investors’ funds in what’s shaping up to be another massive Ponzi scheme. Promising a sweet 100% return in just 30 days, CBEX attracted thousands looking to double their money. But the dream quickly spiraled into a nightmare when users started experiencing withdrawal issues. Not long after, account balances were wiped clean.
Then it got worse.
CBEX shut down its Telegram channels, its main mode of communication, and introduced a “verification fee” of $100 or $200 before users could “recover” their money. Spoiler alert: No one got anything back. Blockchain investigators say over $847 million was moved through crypto wallets, converted from TRX to USDT to ETH. A full-blown digital heist. The emotional toll has been heavy. In Ibadan, angry investors stormed the CBEX office and reportedly carted away everything from air conditioners to office chairs, anything to feel a win.
“I Never Heard of CBEX Until People Started Crying” On X (formerly Twitter), the reactions have been a mix of disbelief, savage hot takes, and hard-learned lessons.
@SolaAdio tweeted: “You know your friendship circle is clean and full of sensible people if you have never heard about CBEX. I never heard of anything called CBEX till 2 days ago when weeping and gnashing of teeth started.”
@Lollypezzel didn’t hold back: “This CBEX thing was not popular at all. I’m only just hearing about it. It’s very weird seeing many people lose money on something that wasn’t popular at all. You guys were making money in silence, hiding updates, and now want us to pity you? Cry.”
@Joshweltt dropped a prayer that’s now a meme: “God abeg. No let lecturer wey do CBEX mark my exam script.”
Another Chapter in Nigeria’s Ponzi Playbook
The Securities and Exchange Commission (SEC) has, once again, warned Nigerians to steer clear of unregulated investment platforms. CBEX wasn’t registered, and the signs were all there — promises of unrealistic returns, no transparency, and now, the classic exit scam.
It’s giving MMM, but make it digital.
While the authorities investigate, affected investors are being urged to report their cases and take precautions with future investments. As the dust settles, one thing’s clear: the need for financial education, digital literacy, and serious regulatory enforcement has never been more urgent.
