Reports confirm that CBEX, a cryptocurrency trading platform, has collapsed in what is being described as one of Nigeria's most significant digital financial scams. On April 15, 2025, over $822 million USD (approximately ₦1.3 trillion) was transferred into a private Ethereum wallet, leaving thousands of investors with account balances reduced to zero without any prior warning .
Prior to this event, users had reported withdrawal delays and raised concerns about the platform exhibiting characteristics of a Ponzi scheme . CBEX had marketed itself as an AI-driven asset trading platform, promising high returns, which attracted a significant number of investors .
The sudden disappearance of funds and the platform's shutdown have sparked outrage and sorrow among Nigerian investors, with many expressing their grievances on social media .
Authorities are currently investigating the incident, and affected investors are advised to report their experiences to the Economic and Financial Crimes Commission (EFCC) and other relevant agencies.
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