The CBEX platform has reportedly crashed, leaving investors with large sums of money trapped. This incident occurred shortly after the platform requested fresh deposits from users, sparking concerns about its legitimacy and operations in Nigeria.
Investigations reveal that CBEX changed its domain name multiple times between January 2024 and February 1, 2025.
CBEX changed from cbex.cx to cbex8.com in July 2024, then to cbex9.com in September 2024, cbex-dex.com on November 13, 2024, and cbex39.com in February 2025.
Social media users who were affected claim to have deposits amounting to hundreds of thousands of dollars, which suggests that trillions of naira are trapped in the ponzi scheme.
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CBEX, a platform with a claim of 100% returns on investment in 30 days via online trading, restricted withdrawals on April 9, 2025.
In a video, a user stated that many new users continued to sign up in the days following the withdrawal restrictions. Most believed it was only a temporary security issue that would soon be resolved.
Meanwhile, more users on X (formerly Twitter) stood against the idea of anyone registering on CBEX, warning that restricted withdrawals are often the first sign of a supposed crash. On April 11, 2025, one user, @Ndfrek, posted:
“The first step a Ponzi scheme takes before its inevitable crash is to restrict withdrawals. The second step is when they tell you to invest a little more before you can withdraw. The final step is when you try to check the website & you see “under maintenance. CBEX is on Step 1.”
Shockingly, after this revelation, CBEX moved to the next step, sending a message to their users saying:
“All accounts need to undergo the following verification steps to ensure their authenticity. 1. For accounts with funds below $1,000 before any losses, a deposit of $100 is required. 2. For accounts with funds exceeding $1,000, a deposit of $200 is required. Additionally, please keep your deposit receipts to ensure you can prove the authenticity of the account during future withdrawal reviews.”
While users were still reacting to this message on Monday, at about 6pm, CBEX locked all its Telegram groups.
