ABUJA, Nigeria – A fresh wave of anger, disbelief, and heartbreak has erupted across Nigeria following the sudden collapse of CBEX, a digital asset trading platform that reportedly defrauded investors of over ₦1.3 trillion. The platform, which promised unrealistic 100% returns within 30 days via so-called AI-powered trading, vanished over the weekend, leaving thousands of Nigerians devastated.
The platform’s crash on Monday has ignited intense conversations on social media, particularly on X (formerly Twitter), where users lamented yet another large-scale financial scam, drawing parallels to the infamous MMM Ponzi scheme.
According to cybersecurity analysts, approximately $822.8 million in digital assets were traced to a private Ethereum wallet, while users’ wallet balances on CBEX dropped to zero. In the aftermath, CBEX’s Telegram channels were locked, and a suspicious “verification process” emerged — demanding an additional $100 to $200 from users in a last-ditch effort to access their funds.
“After the MMM shege, Nigerians still invest in Ponzi,” wrote one X user, highlighting the emotional and financial toll of the crash.
While some victims mourned their losses, others voiced frustration over how CBEX managed to operate undetected by authorities, despite promising implausible investment returns. The lack of early warning signs and aggressive marketing made the collapse even more jarring to the general public.
“This CBEX thing was not popular at all,” tweeted one user. “You guys were making money in silence, hiding updates, and now you want us to pity you. Ko le werk.”
Regulators Respond
In response to the incident, the Securities and Exchange Commission (SEC) issued a fresh warning to Nigerians, advising the public to avoid unregistered digital asset platforms and high-yield investment schemes.
The SEC emphasized that under the newly enacted Investments and Securities Act 2025, all digital asset exchanges, crypto trading platforms, and online forex entities are required to be registered and licensed before operating in Nigeria.
“Any investment scheme that defies the core principles of wealth creation is most likely fraudulent,” said a financial education advocate.
The commission urged victims of CBEX to come forward with verifiable evidence to aid ongoing investigations and encouraged citizens to conduct due diligence before engaging in any form of investment.
The Call for Financial Literacy
The CBEX debacle has reignited calls for stronger financial education, especially among young Nigerians lured by the promise of fast returns in the digital economy.
“MMM never teach una lesson?” tweeted another user, urging vigilance against platforms with vague business models and exaggerated profit guarantees.
