The platform attracted 1000’s by providing returns of 100% in simply 30 days. Many joined, hoping to flee monetary struggles. However behind the guarantees was a entice.
In early April 2025, CBEX immediately collapsed. It shut its Telegram group, blocked withdrawals, and requested customers for a $100–$200 “verification” payment to entry their funds. Most individuals by no means noticed their cash once more.
In keeping with The Nation On-line, deposits vanished virtually immediately. Offended buyers stormed a CBEX workplace in Ibadan, whereas others shared their frustrations on social media. Tearful movies and warnings rapidly unfold on-line.
Reviews estimate the overall 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 have been moved by means of 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 might have leaked to the darknet. Authorities are actually underneath strain to behave quick, as victims name for justice.