Scores of Nigerians on different social media platforms on Tuesday counted their losses as CBEX, a digital asset trading platform, 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.
What you need to know about the crashed online trading platform, CBEX.
- CBEX is a digital asset trading platform that gives investors 100 per cent Return On Investment, ROI, in 30 days.
- Its purported goal was to create a secure, transparent environment for transactions.
- The platform is said to display falsified withdrawal records to mask the difficulties users face when trying to access their funds.
- Multiple investors took to the social media site to express their dissatisfaction following the suspension of the withdrawal feature on April 10.
- 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.
- Its operational model has now come under scrutiny as allegations of fraud and deceptive practices emerge.
