Nigerians took to social media in frustration on Monday after reports surfaced that a digital trading platform known as CBEX had suddenly collapsed, allegedly wiping out over N1.3 trillion from users’ wallets. The incident has triggered shock, anger, and disbelief among thousands of investors across the country who claimed they were scammed by the unregulated platform.
CBEX, which promised unusually high returns through AI-powered cryptocurrency trading, reportedly went offline without warning. Many users said their account balances disappeared overnight, while withdrawal options were disabled. The platform also closed down its Telegram support groups and began offering users a strange verification system that asked for $200 to claim $2,000 and $100 to claim $1,000 — raising more suspicion of fraudulent activity.
Several affected Nigerians expressed their disappointment and grief on the social media platform X (formerly Twitter). Some questioned how such a large operation could function for so long without the approval of the Securities and Exchange Commission (SEC). Others blamed themselves and their fellow citizens for falling for another “get-rich-quick” scheme.
Cybersecurity and cryptocurrency analyst Taiwo Owolabi noted that the total amount lost is currently estimated at $847 million in USDT (a stablecoin), and the figure could rise as more information comes in. He explained that CBEX was designed in a way to appear legitimate but was in fact a cleverly disguised scam.
“They designed the weak website to convince people in the future that it was a security breach that affected them. Apparently, when you make payments, you pay them into a TRX account, and then, immediately, they move it from that TRX wallet, gather it, convert it to USDT, and then to ETH. So, when you are logging into your account, there is literally no money on your profile.
“What you see are just numbers. All the daily activities you do to ‘trade’ increase your money. All the AI trading is fake. When it’s time for withdrawal, they will send you another person’s money,” Owolabi explained on an X space.
Online reactions have been swift and critical. One user, Steve Fred, commented, “Are we not just fantastically stupid in Nigeria? Nigerians are as gullible as their leaders. How many times will they be scammed before they have sense? How can a company like ‘CBEX’ just appear from thin air and promise you 100 percent ROI in 1 month, and you begin to invest?”
Another user, known as Oku, added, “The smaller the profit, the more I TRUST YOU. You have no business doing a business that promises you 50 percent to 100 percent ROI.”
Meanwhile, the Securities and Exchange Commission has warned that under the recently signed Investment and Securities Act (ISA) 2025, any platform offering online forex or digital asset trading must be registered with the commission.
“By virtue of this act, it is an offense in Nigeria for any entity that is not registered by the commission to carry out the business of online foreign exchange trading platforms or related services.
“Any business entity planning to set up a business in any of these areas is advised to visit the HOD DRM Department of the commission for further direction on how to register with the commission to avoid sanctions,” it stated.
