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Nigerian Investors Lose Over N1.3 Trillion as Digital Trading Platform CBEX Crashes

Published

2 weeks ago

Apr 15, 2025.

Nigerian Investors Lose Over N1.3 Trillion as Digital Trading Platform CBEX Crashes

CBEX reportedly wiped out over N1.3 trillion from investors’ account.
Owolabi emphasized that the invested funds are likely lost permanently, given that CBEX is not a licensed platform
“What you see are just numbers. All the daily activities you do to ‘trade’ increase your money. All the AI trading is fake. When it’s time for withdrawal, they will send you another person’s money.”

Nigerians on various social media platforms are reeling from significant financial losses after a popular digital asset trading platform, CBEX, reportedly wiped out over N1.3 trillion from investors’ account.

The platform crashed on Monday, leaving users shocked to find that their funds had vanished.

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In response to the crisis, CBEX has locked its Telegram channels and delayed withdrawals, offering investors a lifeline of $2,000 for $200 verification and $1,000 for $100 verification.

However, cryptocurrency expert and security analyst Taiwo Owolabi, speaking on X space organized by Trending X, revealed that data shows the stolen funds have been moved to a TRX address, amounting to approximately $847 million in USDT, with the possibility of further increases.

Owolabi emphasized that the invested funds are likely lost permanently, given that CBEX is not a licensed platform. He noted that the creators designed a weak website to mimic ByBit, a legitimate trading platform, potentially duping unsuspecting investors.

“They designed the weak website to convince people in the future that it was a security breach that affected them.

Apparently, when you make payments, you pay them into a TRX account, and then, immediately, they move it from that TRX wallet, gather it, convert it to USDT, then to ETH. So, when you are logging into your account, there is literally no money on your profile.

Nigerian Investors Lose Over N1.3 Trillion as Digital Trading Platform CBEX Crashes

“What you see are just numbers. All the daily activities you do to ‘trade’ increase your money. All the AI trading is fake. When it’s time for withdrawal, they will send you another person’s money.

“Since, you won’t be leaving them because of greed. You will most likely put the money back and even more. So, they will use that same money to pay another person. As you spread the word for them, more people will join and do the same.”