Ponzi 2.0: Nigerians Burnt as CBEX Pulls Off a Billion-Dollar Crypto Scam

                         CBEX SCAM

So, there's been a major shakeup in Nigeria’s crypto world — and not the good kind. A bunch of Nigerians woke up to find that their investments in a trading platform called CBEX had mysteriously disappeared. We’re talking over ₦1.3 trillion gone, just like that. Yikes.

The whole thing came crashing down on Monday when investors logged into their wallets and saw… absolutely nothing. CBEX had locked up its Telegram groups, paused all withdrawals, and then, in a bold move, offered investors a "solution": Pay $200 for a $2,000 verification or $100 for $1,000. Yep, the ol' pay-to-play scam wrapped in crypto lingo.

Where Did the Money Go?

During a Twitter Space (now called X Space) hosted by Trending X, crypto expert and security analyst Taiwo Owolabi broke down how it all went sideways. He said data shows the funds were transferred to a TRX wallet and then moved into USDT — about $847 million so far, and that number might keep climbing.

Here’s the shady breakdown:

• CBEX had a poorly made site meant to mimic legit platforms like ByBit.

• It was never licensed or registered.

• The platform faked all those fancy dashboards and "AI trading" stats.

• When you "traded," the numbers in your wallet just went up — but it wasn’t real money.

• Withdrawals? They'd use someone else’s deposit to pay you — classic Ponzi style.

Owolabi said it straight: “It’s all smoke and mirrors.” Once you put money in, they’d pass it around, make it look like you were profiting, and hope you'd bring in more people. The greed cycle. Familiar?

So... What Exactly Was CBEX?

CBEX branded itself as a digital trading platform promising a 100% return in 30 days. Sounds too good to be true? That’s because it was. The platform claimed to be safe and transparent, but it turns out it was doing the exact opposite — faking withdrawal records and manipulating users into thinking everything was smooth.

Now, with thousands of Nigerians affected, the question on everyone’s mind is:

Can People Still Get Their Money Back?

Short answer? Not really. According to Owolabi, the money is gone. The only chance investors have is to cough up that extra $100–$200 for “verification,” which might allow a few to get paid while the rest are left in the cold. Again — robbing Peter to pay Paul.

SEC Steps In

Meanwhile, Nigeria’s Securities and Exchange Commission (SEC) has finally had enough of these online scams. Thanks to the newly signed ISA 2025 law, it’s now officially illegal for any company to run online forex or crypto platforms without registering with the SEC.

They made it clear: If you're thinking about launching a trading or digital asset platform in Nigeria, register or expect sanctions. The new law gives the SEC more power to regulate exchanges, including crypto and commodities.

The Director General of the SEC, Dr. Emomotimi Agama, called it a “landmark step” in making Nigeria’s financial space safer and more modern. He added, “We’re all for innovation — but only if it’s done in a way that protects investors.”

Final Thoughts

At the end of the day, CBEX is another harsh reminder: If it sounds too good to be true, it probably is. The promise of doubling your money in 30 days is the oldest trick in the book — now dressed in digital clothes.

So if you're thinking of jumping into the next big crypto platform? Do your research, make sure it’s registered, and maybe — just maybe — don’t trust anyone offering overnight riches for a small fee.