What began as a golden opportunity for fast, digital wealth has now turned into financial heartbreak for thousands of Nigerians. CBEX, a flashy crypto trading platform that promised 100% returns in 30 days, has vanished. It has left behind empty wallets, unanswered questions, and over N1.3 trillion in lost investor funds.
For months, CBEX attracted users with big promises, slick interfaces, and the illusion of legitimacy. But the entire structure collapsed abruptly on Monday. By then, users trying to log in found their dashboards wiped clean. Withdrawals were blocked. Telegram groups that once buzzed with marketing hype went silent. And just like that, CBEX was gone.
But the exit wasn’t quiet. As panic spread, the platform attempted a final maneuver: asking users to pay a “verification fee” of $100 or $200 to unlock the chance of recovering their funds. For many, this was the final red flag. Not a recovery plan, but a last attempt to exploit trust one more time.
Behind the curtain, what CBEX sold as AI-powered trading now looks more like smoke and mirrors. Users never had real access to digital assets. Instead, deposits were redirected into a TRX (Tron) wallet, then swiftly converted into USDT and ETH. What users saw, rising balances and daily profits, were nothing more than fake numbers displayed on-screen. Even the withdrawal histories, reports say, were staged to keep up appearances.
The platform’s website mimicked credible exchanges like ByBit, giving it a polished front. But under the surface, there were signs: poor backend architecture, no visible licensing, and zero regulatory oversight. What looked like a cutting-edge fintech platform now appears to have been a classic Ponzi scheme dressed in crypto clothing.
The so-called verification phase that followed the crash added salt to injury. Users with balances under $1,000 were told to pay $100. Those with higher balances were asked for $200. Analysts believe this was a calculated move, not to help victims, but to squeeze out more cash from already defrauded users.
In the aftermath, CBEX’s disappearance is being counted among the largest digital scams Nigeria has ever seen. From traders to small business owners, many victims are still in shock, with life savings wiped out overnight. No names. No refunds. No trace.
This incident has once again exposed the gaps in digital financial regulation and the urgent need to protect Nigerians from platforms operating in the shadows. While some are calling for collective legal action, others are left picking up the pieces quietly, unsure of where to even begin.
In a country where trust is currency, CBEX may go down as a reminder that not all that glitters on the blockchain is gold.
