US EditionCBEX: 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.
47 Articles
47 Articles
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: 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…
Nigerian women in tears after allegedly losing millions to crashed CBEX trading platform
Several Nigerian women have been seen breaking down in tears after reportedly losing millions of naira to CBEX, a digital trading platform that recently crashed. According to circulating reports, the platform became inaccessible after users experienced difficulties withdrawing their funds. Many later discovered that their account balances had been wiped to zero. CBEX had positioned
Amid fears over CBEX, SEC warns against unregistered trading - Daily Trust
The Securities and Exchange Commission (SEC) says the newly enacted Investments and Securities Act, 2025 (ISA 2025) makes it illegal to operate digital asset exchanges or online foreign exchange trading platforms without formal registration with the commission. Daily Trust reports that this comes amid fears that CBEX, a digital asset trading platform, has crashed. Since Friday, there have been concerns over the operations of the platform, with s…
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…
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