The CBEX debacle has sent shockwaves across Nigeria, leaving countless investors in financial despair after losing over ₦1.3 trillion in a Ponzi scheme disguised as a digital asset trading platform. The platform, promising unrealistic returns of 100% within 30 days, turned out to be a cleverly orchestrated fraud, designed to exploit regulatory loopholes and prey on unsuspecting individuals.
CBEX created an illusion of legitimacy with its AI trading and attractive withdrawal records, but expert analysis revealed it was nothing more than a mirage. Funds deposited by users were siphoned through TRX wallets and converted into other cryptocurrencies, leaving fake numbers on their profiles. The Securities and Exchange Commission (SEC) has warned against investing in unregistered platforms and is taking steps to strengthen investor protection under the ISA 2025 Act.
This incident serves as a stark reminder for investors to exercise caution and thoroughly research before putting their money into online platforms. Trust in the SEC’s regulatory measures and vigilance can help prevent future occurrences of similar schemes.
