According to CryptoSlate, thousands of Nigerians have been defrauded of millions of dollars by the fraudulent digital asset trading platform CBEX, which operates in a Ponzi scheme. Local media reported that investors suffered a total loss of 1.3 trillion naira (approximately 800 million US dollars), but analysis shows that the actual loss may be much lower than this, as the address belongs to Binance Hot Wallet, which does not match the speculation of Nigerian social media. Independent analyst Specter estimated the total loss to be close to 12 million US dollars. CBEX promises high profits, requires recommenders and locks in funds, and promotes AI trading strategies that claim 100% returns within 30 days. The platform gained credibility by appearing in national media and was packaged as a "poverty alleviation" plan, attracting many investors who were encouraged to recruit people, but had a long lock up period for withdrawals. In April 2025, user accounts were frozen without warning, and withdrawals stopped, causing a rebound. Angry users flocked to its offices in Ibadan and Lagos, and some people shared stories of losing tens of thousands of dollars online.
The CBEX crash seems to be part of a broader scam network. Analyst Specter linked it to Ponzi schemes such as LWEX and PCEX, pointing out the existence of cloned websites and similar patterns. The wallets related to CBEX are associated with Southeast Asian payment exchange systems and the illegal financial activity center Huione Pay. In April last year, the Hong Kong Securities and Futures Commission warned the public to beware of CBEX Group's suspected involvement in virtual asset related fraud.
