CBEX Crash: Nigerians Lose Trillions to Another Ponzi Scheme as EFCC, INTERPOL Launch Probe
A major financial scam has rocked Nigeria again. The controversial CBEX digital trading platform has collapsed, allegedly carting away over 1.3 trillion in investors’ funds. The EFCC and INTERPOL have now launched a full-blown investigation to unravel the culprits behind the fraudulent operation.
How the CBEX Scheme Worked
CBEX, operated by foreign and local partners, promised investors an unbelievable 100% ROI in 30 days. It had physical offices in Lagos, Abuja, Ibadan, and more. According to crypto security expert Taiwo Owolabi, CBEX accumulated over $847 million in USDT before vanishing.
“The figures are staggering. CBEX is yet another cautionary tale about trusting unverified platforms,” – Taiwo Owolabi
Other sources suggest the actual figure could be at least $6.1 million, hinting at deeper layers of fraud hidden from the public.
Social Media Reactions
Nigerians are expressing outrage across platforms like X (formerly Twitter).
Are we not just fantastically stupid in Nigeria? How many times will we be scammed before we have sense?” – Steve Fred
“You have no business doing a business that promises you 50-100% ROI.” – Oku
EFCC and SEC Respond
According to EFCC spokesperson Dele Oyewale:
“We’re working with INTERPOL to track the international players while arresting the local operators. Nigerians must beware of illegal investment platforms.”
The Securities and Exchange Commission (SEC) is also reiterating its warning. With the new ISA 2025 law, online forex and crypto platforms must be registered or face prosecution.
See Also:
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Ponzi Scams in Nigeria: A Sad History Repeating Itself
CBEX joins a long list of financial scams that have devastated Nigerian families:
MMM Nigeria (2016)
Ultimate Cycler
MBA Forex & Capital Investment
Twinkas, Chinmark, Famzhi, Brisk Capital
Ovaioza Farm Produce
Each one offered unsustainable ROIs, and each one collapsed, leaving pain and poverty behind.
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