- CBEX Collapse: The digital asset trading platform CBEX allegedly vanished with over ₦1.3 trillion from investors’ wallets.
- Investor Losses: Security experts say at least $822.8 million worth of assets were moved into a private Ethereum wallet as users’ wallet balances dropped to zero.
- SEC Warning: The Securities and Exchange Commission (SEC) has warned Nigerians to steer clear of unregistered platforms, citing the newly signed Investments and Securities Act 2025.
- Regulatory Action: Digital asset exchanges and online forex platforms must now be licensed to operate, or risk sanctions.
- Public Reaction: Nigerians have expressed outrage, disappointment, and frustration on social media, drawing comparisons to past Ponzi schemes like MMM.
The collapse of CBEX, a digital asset trading platform, has sparked widespread outrage and disappointment on Nigerian social media. The platform allegedly vanished with over ₦1.3 trillion from investors’ wallets, leaving many devastated and penniless. CBEX promised a 100% return on investment in 30 days through purported AI trading, but security experts say at least $822.8 million worth of assets were moved into a private Ethereum wallet as users’ wallet balances dropped to zero.
The incident has drawn comparisons to past Ponzi schemes like MMM, which collapsed years ago and cost many Nigerians their savings. Some social media users expressed disbelief that CBEX could have ensnared so many victims despite its relative lack of visibility. Others used the moment to warn fellow Nigerians about the dangers of fast-return schemes.
The Securities and Exchange Commission (SEC) has warned Nigerians to steer clear of unregistered platforms, citing the newly signed Investments and Securities Act 2025, which requires digital asset exchanges and online forex platforms to be licensed to operate.
Reactions from Nigerians
Many Nigerians have taken to social media to express their disappointment and frustration. Some have lamented their losses, while others have warned others about the dangers of investing in unregistered platforms. The general sentiment is one of regret and caution, with many calling for greater scrutiny of investment opportunities.
SEC Warning
The SEC’s warning highlights the importance of verifying the legitimacy of investment platforms. Nigerians are advised to be cautious and do their due diligence before investing in any platform. The SEC’s efforts to regulate digital asset exchanges and online forex platforms aim to protect investors and prevent similar incidents in the future.
