CBEX Crypto Scheme Collapsed as Traders Seek to Recover Fund

On Tuesday morning, the 15th of April 2025, Nigerians were in uproar as CBEX, an acclaimed crypto exchange platform, collapsed and left traders hanging.

The outcry came after the investors’ accounts displayed zero balance, and the company requested between $100 and $200 for a verification fee before withdrawal, which was believed to be another way for the perpetrators to cash out more.

The worst mistake you will make is to make this payment to CBEX. Na second billing be this.

If you dey street, you go understand 🤣 pic.twitter.com/4ro5Etgw7S

— IRUNNIA (@Irunnia_) April 14, 2025

Reports stated that hundreds of Nigerians were entrapped in the “Ponzi” scheme, and more than ₦1 trillion was siphoned by the CBEX team. In fact, their Telegram channels have been locked or deleted.

CBEX, which is different from the China Beijing Equity Exchange (CBEX), stages itself as a crypto exchange, like Binance, Bybit, Gate and co, and promises the investors a 100 percent Return on Investment (ROI) in just 30 days of registration.

CBEX claims to use AI to generate trading signals (which, according to them, gives no room for losses) for various cryptocurrencies, including Bitcoin, Ether, and XRP. The company claims to have obtained the needed certifications from recognized authorities, including the U.S., to trade digital assets.

In addition, CBEX’s platform user interface was designed like the Bybit exchange.

Nigerians Count Losses in CBEX as Investors Loot Oke Ado Office

Last week, the acclaimed exchange altered withdrawal, citing a security breach which needs to be attended to and promised to be back this week, and also urged the investors, through its currently suspended X account, to disregard rumours of collapse.

However, many investors have been in tears since Tuesday morning over the inability to access their funds. Some claimed to have invested their life savings in the scheme but they are left worrying about the safety of their money.

Tears across Nigeria as CBEX crashes.
For the past days, countless Nigerians have expressed heartbreak over their inability to withdraw funds from the platform.
CBEX has left many back at square one — a painful reminder that "quick money" schemes often come at a heavy cost.
From… pic.twitter.com/PfjvQJ1o2J

— Gistme9ja (@Gistme9j) April 15, 2025

One of the investors even threatened to commit suicide if he couldn’t get his money back.

Moreover, some investors have taken another step to recover their funds as they stormed the office of CBEX in the Oke-Ado area in Ibadan, Nigeria.

The report said that people forcefully gained access to the building and catered away office equipment, including furniture.

Løøting is currently going on at CBEX office in oke ado ibadan😭😭🙆🫵 pic.twitter.com/gIPYq3dYa5

— CHUKS 🍥 (@ChuksEricE) April 14, 2025

Nevertheless, some Nigerians are not showing empathy for the investors as they brand them “greedy investors”. Some believe people fall for schemes like CBEX as a result of ignorance.

80% of Nigerians are financial illiterate, we need to educate ourselves more.
No business can get you 100% ROI within a month, Even NIDF don't give 100% ROI in a year.

Nigeria Government should ban ponzi schemes. We don't want ponzi in Nigeria.

— Belean Labels (@beleanlabels) April 15, 2025

Nigeria Bans Crypto Exchanges Operating Without Registration

Recently, Nigeria enacted the Investments and Securities Act (ISA) 2025, which signifies an official recognition of cryptocurrencies and introduces a regulatory framework to foster innovation, protect investors, and position the nation as a leader in Africa’s digital economy.

⚡️JUST IN: Nigeria 🇳🇬 SEC recognizes digital assets as security, this follows the enactment of the Nigerian Investment and Securities Act (ISA) 2025 on April 1st, which officially recognizes cryptocurrencies as an investment asset under the law. pic.twitter.com/stycHx73pd

— Coinwaft (@coinwaft) April 5, 2025

The Act places Virtual Asset Service Providers (VASPs), Digital Asset Operators (DAOPs), and Digital Asset Exchanges under the SEC’s regulatory requirements.

Consequently, all unregistered crypto exchanges, like CBEX, are banned from operating in Nigeria.

Similarly, other African countries have taken broad steps to fight money laundering and terrorism financing in the crypto industry.