Following the reported collapse of CBEX, a digital asset trading platform that allegedly took over ₦1.3 trillion from investors, outrage and mockery have flooded Nigerian social media. The crash, which occurred on Monday, has reignited discussions about the vulnerability of Nigerians to fraudulent investment schemes, with many users expressing disbelief that CBEX was able to operate despite numerous warnings.
CBEX, which promised a 100% return on investment in 30 days through supposed AI trading, has disappeared along with investor funds. Security experts estimate that around $822.8 million in assets was transferred to a private Ethereum wallet, while users’ wallet balances plummeted to zero.
Telegram channels for CBEX were locked, and a new “verification” process emerged, requiring investors to pay an additional $100 or $200 to access their frozen funds. This incident has drawn parallels to previous Ponzi schemes like MMM, which caused significant financial losses for many Nigerians.
Tweeter user @MissCazorla1 criticized the financial naivety of some Nigerians, stating, “After the MMM shege, Nigerians still invest in Ponzi.” Another user, @emma75039, who lost ₦100,000 in MMM, expressed frustration that people still fall for these schemes. Others noted the surprising number of victims considering CBEX’s low profile, with @lollypeezle remarking, “You guys were making money in silence, and now you want us to pity you.”
In light of the collapse, many took the opportunity to caution against high-return schemes. User @Fx_General_ warned that “any investment scheme that defies the principles of wealth creation is a scam,” while @OtunbaOluw13800 urged Nigerians to critically evaluate investment opportunities, questioning if past lessons from MMM had been learned.
The Securities and Exchange Commission (SEC) has cautioned Nigerians against engaging with unregistered platforms. Following the enactment of the Investments and Securities Act 2025, all digital asset exchanges and online forex platforms are now required to obtain a license to operate, or they could face penalties.