A wave of outrage and lamentation has swept across Nigerian social media following the reported collapse of CBEX, a digital asset trading platform, which allegedly defrauded investors of over ₦1.3 trillion.
The incident has reignited concerns over Nigerians’ vulnerability to high-risk and unregulated investment schemes.
The platform, which promised investors a 100% return within 30 days through artificial intelligence-powered trading, abruptly ceased operations over the weekend.
Reports indicate that approximately $822.8 million in digital assets were transferred to a private Ethereum wallet, while users’ account balances were suddenly reduced to zero.
In the wake of the collapse, CBEX’s Telegram support channels were locked, and a suspicious “verification” process was introduced, demanding additional payments of $100–$200 from users hoping to recover their funds—further raising suspicions of a coordinated exit scam.
The incident has drawn comparisons to the infamous MMM Ponzi scheme, which collapsed several years ago and led to massive losses for Nigerian investors.
On X (formerly Twitter), users expressed a mix of sympathy, frustration, and disbelief.
Critics condemned the continued participation in such schemes, with some calling it a reflection of deeper issues. “After the MMM experience, Nigerians still fall for Ponzi schemes,” one user wrote, lamenting the lack of financial awareness and caution among the public.
Another user who admitted to previously losing ₦100,000 in MMM questioned why people continue to ignore clear warning signs: “How many times must you be scammed before you learn?”
Others noted that CBEX had operated under the radar, with its investors often staying silent about their returns—only becoming vocal after the losses. “This CBEX wasn’t even well-known,” one post read. “People were making money quietly, and now they expect sympathy. Sorry, but no.”
