A storm of emotions has swept through Nigerian social media as heartbroken investors recount their losses after the sudden crash of CBEX, a digital asset trading platform that reportedly drained over ₦1.3 trillion from users’ wallets.
The platform, which had promised unrealistic returns of 100% within 30 days using so-called AI-driven trading, mysteriously vanished over the weekend. By Monday, investors were left stranded, their digital wallets showing zero balance while reports emerged that about $822.8 million in crypto assets had been transferred to a private Ethereum wallet.
As the news broke, Nigerians took to X (formerly Twitter) in frustration, mocking yet mourning another massive loss to what is now being tagged the latest Ponzi scheme. Many drew comparisons with the infamous MMM scheme that collapsed years ago, robbing thousands of their life savings.
“This is just MMM in disguise. After all the pain, you people still fall for quick money traps,” tweeted @MissCazorla1.
Another user, @emma75039, shared his frustration, “I lost ₦100,000 to MMM and now CBEX has done worse. Don’t Nigerians learn?”
CBEX, which wasn’t widely known in mainstream media, thrived in secrecy, with many users quietly cashing out until the crash. Telegram channels associated with the platform were locked, and a suspicious new “verification” step emerged, asking already defrauded investors for an extra $100–$200 under the guise of fund recovery.
“This CBEX wasn’t even that popular. You were cashing out quietly. Now you want pity?” tweeted @lollypeezle.
Security analysts are warning that the digital heist should serve as a wake-up call for Nigerians, especially given the unrealistic returns promised. Some called for stricter scrutiny of platforms offering such too-good-to-be-true schemes.
“Any investment that goes against the core principles of wealth creation is simply a scam,” wrote @Fx_General_.
In response, the Securities and Exchange Commission (SEC) has issued a fresh warning to Nigerians. With the enactment of the new Investments and Securities Act 2025, all digital asset platforms and forex trading outfits are now required to register and obtain licenses—or risk being shut down.
Have you or someone you know been affected by CBEX? Share your experience and help raise awareness to protect others from falling victim to similar scams.
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