The platform attracted hundreds by providing returns of 100% in simply 30 days. Many joined, hoping to flee monetary struggles. However behind the guarantees was a lure.
In early April 2025, CBEX immediately collapsed. It shut its Telegram group, blocked withdrawals, and requested customers for a $100–$200 “verification” price to entry their funds. Most individuals by no means noticed their cash once more.
Based on The Nation On-line, deposits vanished virtually immediately. Indignant buyers stormed a CBEX workplace in Ibadan, whereas others shared their frustrations on social media. Tearful movies and warnings rapidly unfold on-line.
Experiences estimate the entire injury at over $800 million. The case is now being in comparison with the notorious MMM scheme that hit Nigeria in 2016.
Impartial crypto investigator Specter traced CBEX’s operations utilizing blockchain knowledge. The funds had been moved by the TRON community, transformed to USDT and USDD, then transferred to massive exchanges like OKX and Bitget.
Specter’s report additionally linked CBEX to Southeast Asia’s cash laundering community Huione Pay and uncovered a number of Nigerian Telegram admins concerned in selling the rip-off.
To make issues worse, some customers’ private knowledge could have leaked to the darknet. Authorities at the moment are underneath stress to behave quick, as victims name for justice.
