- On Tuesday, April 15, CBEX, a Ponzi scheme which had presented itself as a transparent and secure digital trading and investment platform for months, crashed
- In what is described as one of the biggest financial frauds in Nigeria in recent times, CBEX crashed, leaving its investors with losses totalling over N1.3 trillion
- TheTalk.NG has compiled five things that are worth noting about the failed scheme, which duped thousands of Nigerians and dashed hopes
After many months of operation, the CBEX trading platform collapsed, leaving investors with heavy losses in the region of N1.3 trillion.
The Ponzi scheme’s crash caused quite a stir as its distraught investors lamented and kicked on social media, including a UK-based lady who lost £9,000 (over N19.1 million). Some angry investors stormed CBEX’s Ibadan office and looted its belongings.
CBEX crashes, trapping over N1.3 trillion of investors’ funds.
Stock photos. Posed by models.
Photo Credit: Viktor Cvetkovic, Prostock-StudioSource: Getty Images
In this article, TheTalk.NG highlights five things to know about CBEX, just as the Economic and Financial Crimes Commission (EFCC) and the Securities and Exchange Commission (SEC) have vowed to hunt down the operators of the Ponzi scheme and help investors recover their funds.
1. How and when CBEX started in Nigeria
Punch reported that CBEX emerged in Nigeria around July 2024, with a rented office in Ibadan, Oyo State, giving the impression of a company with genuine intentions.
CBEX claimed it was a global brand and platform, and was said to be linked to a government-owned business in China called Beijing Equity Exchange.
However, the Chinese business, in a statement released in 2024, denied any affiliation with CBEX and warned people about the theft of its name by the Ponzi scheme operators.
2. CBEX changed its domain name several times
TheTalk.NG discovered that CBEX Ponzi scheme changed its domain name severally between January 2024 and February 1, 2025.
It was previously using “cbex.cx’, then changed to “cbex8.com” in July 2024, then to “cbex9.com” in September 2024, and to “cbex-dex.com” on November 13, 2024.
In February 2025, it changed its domain name to “cbex39.com.”
CBEX crashes after blocking thousands of Nigerians from accessing their funds, totalling over N1.3 trillion.
Stock photo. Posed by model.
Photo Credit: South_agency, TheDay NigeriaSource: Getty Images
3. What’s known about CBEX’s CEO
According to Punch, a man identified as Yahaya Ibrahim presented himself as the chief executive officer (CEO) of CBEX.
However, his true identity remains unknown at the time of this report.
4. What CBEX promised its investors
CBEX primarily operated in Nigeria with the public goal of giving its investors massive profits by trading cryptocurrencies using an advanced Artificial Intelligence system, and displayed documents claiming it was legit, but all were false.
According to reports, the Ponzi scheme offered investors a fixed monthly return on investment of around 100% in 30 days.
However, there was no real trading that happened behind the scenes, as supposed profits came from the new deposits of later investors.
5. Number of CBEX investors
A Business Insider Africa report claimed that an estimated 300,000 Nigerians invested money in CBEX before the scheme’s collapse.
TheTalk.NG learnt that the large number of CBEX investors was a result of its referral system and bonuses.
Channels Television reported that a cryptocurrency expert and security analyst, Taiwo Owolabi, claimed CBEX operators moved investors funds to a TRX address (yourself:TDqSquXBgUCLYvYC4XZgrprLK589dkhSCf), and the total volume stolen so far in USDT is $847 million (N1.2 trillion) and might likely increase.
Man explains steps to recover CBEX funds
Meanwhile, TheTalk.NG previously reported that a man had explained four steps CBEX investors could take to possibly recover their money trapped in the Ponzi scheme.
He claimed that CBEX reportedly received funds from its victims via USDT, a cryptocurrency known as a stablecoin whose value is pegged to the US dollar. On the recovery steps to take, he wrote:
“The next step is for the victims to file a report to Tether, and the easiest way to file this report is by using a law enforcement agency. If it is Nigeria, you can use EFCC or the police. Police has a cybercrime unit that can help them facilitate this delivery of a message to Tether ’cause obviously Tether wouldn’t want to work with individuals; they would want to work with agencies…”
Source: TheTalk.NG
