CBEX: Nigerians lose N1.3tn as digital trading platform crashes
- CBEX, a digital asset platform, reportedly crashed, creating investor panic, with concerns emerging since Friday.
- Investors were drawn to CBEX by promises of high returns amid Nigeria's challenging economic conditions.
- Many users fear their funds are inaccessible, with some alleging N1.3 trillion vanished from accounts on CBEX.
- According to Owolabi, a security analyst, the total volume of funds stolen so far is $847 million in USDT.
- President Tinubu recently enacted ISA 2025, making unregistered digital asset exchange operation an offense, the SEC stated.
58 Articles
58 Articles
EFCC, INTERPOL Set To Probe CBEX Investment Crash
ShareThe Economic and Financial Crimes Commission (EFCC), in collaboration with INTERPOL, has launched an investigation into the operators of the crashed digital trading platform CBEX, which allegedly defrauded Nigerian investors of over N1.3 trillion. The EFCC spokesperson, Dele Oyewale, who confirmed the development in a statement issued on Tuesday, noted that the commission had already begun... The post EFCC, INTERPOL Set To Probe CBEX Invest…
Ponzi scheme: 5 facts about CBEX digital trading platform
A digital trading platform, China Beijing Equity Exchange (CBEX), has collapsed, leaving an estimated 300,000 investors grappling with losses surpassing N1.3 trillion (approx. $840 million). The crash, which occurred on Monday, April 14, triggered widespread outrage. Distraught investors flooded social media platforms like X and TikTok, sharing stories of vanished life savings and unpaid loans. By Tuesday, April 15, tensions had spilt into the s…
CBEX: SEC Cautions Nigerians Against Unregistered Investment Platforms
April 15, (THEWILL) – The Securities and Exchange Commission (SEC) has warned Nigerians to steer clear of unregistered digital investment platforms, amid rising concern over the activities of CBEX, a digital asset trading platform, which has reportedly locked users out of their funds since the weekend. Speaking during a virtual engagement with fintech stakeholders on […] The post CBEX: SEC Cautions Nigerians Against Unregistered Investment Platf…
CBEX crypto collapse sparks social media outrage amidst ponzi scheme allegations
Nigerians have looted the office of digital asset trading platform, CBEX after hundreds of users saw their account balances plummet to zero following the exchange’s collapse. According to a report by BBC Pidgin, investors reportedly failed to withdraw their funds…
CBEX: Nigerians lose N1.3tn as digital trading platform crashes
Nigerians took to their various social media platforms to lament their losses after a digital asset trading platform, known as CBEX, allegedly swept over N1.3 trillion from investors’ accounts on Monday. This comes as CBEX, operating without legal approval from the Nigeria Securities Commission, crashed on Monday after the money in their investors’ wallets vanished. The digital platform also locked its Telegram channels and postponed withdrawals…
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