A wave of shock and anger has swept across Nigeria after CBEX, a digital asset trading platform promising massive returns, suddenly shut down, wiping out over ₦1.3 trillion in investor funds. The platform, which claimed to use AI-powered trading to deliver 100% returns in 30 days, disappeared over the weekend, leaving thousands of investors with empty accounts and no way to recover their money.
Blockchain analysts report that the operators moved an estimated $822.8 million (₦1.3 trillion) into a private Ethereum wallet before locking users out. Desperate investors were then asked to pay an additional $100 to $200 in a fake “verification” process to supposedly regain access—a tactic commonly used in Ponzi schemes.
The collapse has sparked fierce backlash on social media, with many Nigerians drawing parallels to past scams like MMM, which defrauded millions in 2016. Some expressed frustration at victims for falling for yet another high-yield scheme, while others criticized the lack of regulatory oversight.
Financial authorities have since warned the public against unregistered investment platforms, emphasizing that legitimate ventures do not offer unrealistic returns. However, with many Nigerians still reeling from the loss, the incident has reignited debates about financial literacy and the need for stronger investor protections in the country.
