CBEX Scam Exposed: Cybersecurity expert traces movement of investors' deposits to private wallet

• The net has been abuzz for days arsenic investors successful an online platform, CBEX, could nary longer entree their wallet oregon retreat funds
• Several perspectives person emerged connected the matter, including that of investors who felt they had been lured and scammed
• A cybersecurity adept has released a video showing what happened to investors' funds from the constituent deposits were made

Legit.ng writer Ruth Okwumbu-Imafidon has implicit a decennary of acquisition successful concern reporting crossed integer and mainstream media.

Amidst complaints astir mislaid investments successful the frozen CBEX platform, a cybersecurity adept has explained what happened to investors' funds.

After promising investors 100% returns successful 30 days, CBEX abruptly restricted withdrawals connected April 9, 2025, promising investors that withdrawals would resume connected April 15.

Surprisingly, each wallet balances reverted to $0.0 connected April 14, 2025, causing a nationalist uproar by investors online and offline.

On Monday April 14, Investors were shocked to spot their wallet equilibrium astatine $0. Photo credit: drpenking
Source: Twitter

Mr. Taiwo Owolabi, a cybersecurity adept and hacker, provided the mentation during an X abstraction league and aboriginal shared a surface signaling showing however helium traced the question of funds distant from the deposit wallet address.

What happened to CBEX investors’ funds

In the video, the cybersecurity adept created an relationship connected the website, deposited $300 into the wallet, and past began tracking the question of the funds.

His words;

“After they moved the funds, we could inactive spot connected the website that the wealth is inactive there. Meanwhile, down the country connected the blockchain, determination was thing there. The equilibrium was $0, valueless. “After they moved the wealth from the deposit wallet into this funnel address, you volition observe that bulk of the outgoing transactions are going into this astute declaration – Bridgers. This is simply a decentralized speech that you tin swap coin on, and you tin spot it captured present arsenic a swap. "The ones that were not swapped are shown arsenic transfer. You tin spot the immense sum of magnitude these guys are moving retired into that contract. The astute declaration volition determination the funds and alteration it to immoderate currency – naira, dollar oregon whichever 1 they want”.

The transaction hash investigation revealed that the funds were moved from the funnel code into Bridgers.

Further investigation showed the last destination wallet had an disposable equilibrium of $767,678.73, converted to Ethereum arsenic of Saturday, April 12, 2025, with much inflows inactive incoming.

By Monday, April 14, 2025, the full magnitude moved successful reached $822,852,811.66 (₦1,337,021,554,889.20 trillion) and was aboriginal moved into a backstage Ethereum wallet.

How investors' funds disappeared from their wallets

Regarding the users’ funds disappearing from the wallet, helium explained that the funds had been moved instantly aft deposit.

The post, resharing the video, stated;

“Fun fact, the funds disappeared instantly you deposited. Not today. What you spot are conscionable numbers. All the regular activities you bash to “trade”, to summation your money. All the AI trading, it’s each fake."Alas, Nigerians person talented these guys astir ₦1,337,021,554,889.20 trillion. And they are inactive asking for more."

What volition hap to users paying verification fees?

The cybersecurity adept noted successful the video that much funds whitethorn inactive beryllium moved since immoderate investors were inactive making deposits for verification.

"In reality, each the funds are gone unless radical determine to wage the $100 and $200 verification fees."

He projected that CBEX whitethorn usage the verification funds being paid to wage retired a fewer investors, to renew nationalist anticipation successful the scheme, and get others to wage arsenic well.

CBEX announced April 17 arsenic verification deadline, and immoderate users person rushed to wage successful the hopes of accessing their funds Photo credit: Letters to Jack/Majority World
Source: UGC

With that done, much investors would travel in, and the rhythm would proceed until an eventual crash.

Experts connected the substance person already stated that the anticipation of investors getting their funds backmost was next to zero.

CBEX collapses, trapping astir $1 cardinal investors' funds

In related news, Legit.ng reported that CBEX, an concern level touted for giving 100% returns successful 30 days, has allegedly crashed.

Almost a cardinal dollars belonging to investors successful respective countries, including Nigeria, person been trapped connected the platform.

While immoderate Nigerian investors were lamenting connected societal media, immoderate are said to person deed the streets, looting the CBEX office.

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Source: Legit.ng