CBEX: Key things to know about collapsed online trading platform

CBEX is a digital asset trading platform that has reportedly disappeared with more than N1.3 trillion of investors’ funds.

CBEX is now considered one of Nigeria’s largest digital financial scams.

Thousands of Nigerians who are reeling from the collapse of CBEX today invested Millions in the platform.

The platform, which lured users with promises of a 100% return on investment within 30 days, abruptly crashed on Monday.

Investors were shocked to find their digital wallets emptied, while CBEX shut down its Telegram channels and froze all withdrawal options.

In a last-ditch attempt to maintain control, CBEX introduced a so-called “verification” process, demanding $100 or $200 from users in exchange for a supposed chance to recover their lost funds.

CBEX had presented itself as a secure and transparent digital trading platform, but its sudden disappearance has left investors counting heavy .

Its operational model is now under intense scrutiny as accusations of fraud and deceptive tactics surface.

The platform allegedly displayed fake withdrawal records to cover up the issues users faced when trying to access their funds.

User funds disappeared almost immediately after deposit, meaning investors never truly owned or accessed the digital assets they believed they were trading.

CBEX operated without proper licensing and ran a poorly designed website that mimicked reputable platforms like ByBit to appear legitimate and gain users’ trust.

It was reported that behind the scenes, investors’ deposits were funneled into a TRX (Tron) wallet, quickly converted to USDT and then ETH.

The scheme ran like a typical Ponzi structure, using funds from new investors to simulate returns for earlier ones.

After the platform’s crash, CBEX introduced a so-called “verification” phase, demanding an extra $100 from users with balances below $1,000, and $200 from those with higher amounts, under the guise of helping them recover their funds.