The alleged crash of CBEX, a digital asset trading platform, has left many Nigerians in financial turmoil. The platform, which promised 100% returns on investments within a month, is now facing accusations of being a Ponzi scheme after users reported being unable to withdraw their funds over the weekend. Despite claims by some users that the platform remains operational, withdrawal restrictions have fueled skepticism and concerns about its legitimacy.
The Securities and Exchange Commission (SEC) has issued a stern warning to Nigerians, emphasizing that any investment platform not registered with the Commission is illegal. Speaking during a virtual engagement on the Investment and Securities Act (ISA 2025), SEC Director General Emomotimi Agama cautioned against patronizing unregistered platforms like CBEX. Checks reveal that CBEX is not listed in the SEC database.
Social media has been abuzz with warnings about CBEX’s operations. A viral post from March by Ub Edem Uman predicted the platform’s collapse, citing its introduction of a “six-month plan” as a red flag. Users have also shared personal stories of loss, including one man who sold his belongings to invest $313 just before the crash.The incident serves as a cautionary tale for Nigerians seeking quick returns in high-risk ventures.
