Concerns are mounting over the legitimacy of CBEX, a digital asset trading platform, following widespread user reports of withdrawal difficulties and accusations that the platform exhibits signs of a Ponzi scheme.
The controversy exploded on social media Friday, with several users on X (formerly Twitter) sharing warnings and testimonials about CBEX’s operations.
The alarm bells began earlier in the week when a user, Man of Letters (@Letter_to_Jack), disclosed that someone he knew had invested $1,000 in the platform and reportedly withdrawn $5,000 in profits—a scenario he described as suspicious.
“Having done all my checks, the platform flies all the flags of a Ponzi scheme,” he wrote on Wednesday. “People are cashing out steady with no losses. You know what that means? Easter, Ileya or Xmas… The crash is imminent.”
While his cautionary post was intended to warn investors, some users misinterpreted it as a subtle endorsement, further fuelling debate.
By Friday, concerns intensified as reports surfaced that users could no longer withdraw funds from the platform, leading many to believe CBEX may have crashed. However, others claimed the situation was temporary.
“CBEX is still working perfectly, just that you can’t withdraw until 15th of April,” said user Ajoke (@BlessedAjoke). “You people should stop spreading fake news. Stop giving people heart attack nah.”
Another user, aust;n (@0kparam), expressed frustration at those rejoicing over the platform’s possible failure. “Y’all are acting like CBEX crashing makes you financial sages. Nah, it just makes you bitter haters… Ponzi, yen yen yen. Just stfu coward.”
Still, others warned that CBEX showed eerie similarities to past fraudulent platforms. Mazi Nathan (@rukky_nate) tweeted: “MMM was a global Ponzi scheme that later crashed. Rackstelli was a local Ponzi scheme that also later crashed. CBEX had all the hallmarks of a Ponzi scheme but Nigerians are just too greedy with short-term memories.”
Amid the uproar, CBEX’s official X account (@cbextrades) remained defiant, dismissing crash rumours and doubling down on its commitment to users. “CBEX can never crash at all. We will forever stand strong. Don’t panic at all,” one post read.
In another update, the platform claimed it was continuing with outreach efforts: “Today, the instructors from the Abeokuta office went outside the office, actively going door-to-door to promote the project and encourage people to participate in this great initiative.”
CBEX also issued a caution to users to beware of impersonators and phishing attempts: “Everyone should remain vigilant, avoid clicking on unfamiliar links, and never share your account password or verification code with others to prevent scammers from taking advantage.”
While the platform insists that operations are stable, many Nigerians remain wary, drawing from painful experiences with previous investment platforms that eventually collapsed, leaving thousands in financial ruin.
