Expert reveals how investors can retrieve money from CBEX

• Despite warnings from experts and regulators, Nigerians inactive proceed to autumn for ponzi schemes aft MMM
• Web3 specializer Olayimika Oyebanji provided penetration into wherefore radical proceed to autumn for scams contempt past experience
• He claimed that though everyone could announcement the informing signs, those who were harmed were inevitably going to disregard them

Legit.ng writer Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.

After MMM, ponzi schemes amazingly proceed to merchantability successful Nigeria contempt warnings from regulators and experts who reason that genuine investments don’t springiness 100% successful conscionable a fewer days. In an interrogation with Olayimika Oyebanji, a Web3 expert, helium gave an penetration into the crushed galore support falling for schemes contempt erstwhile experience.

Olayimika Oyebanji advised that investors ticker retired for the registration presumption of a cryptocurrency platform. Photo Credit: CBEC, Olayimika Oyebanji
Source: UGC

Oyebanji described the CBEX strategy arsenic thing but a scam hiding successful plain sight. He stated that each the informing signs were determination for the satellite to see, but those who fell unfortunate were bound to disregard them.

“Investing successful cryptocurrency carries a batch of risks, and it gets a batch riskier erstwhile determination are nary regulations successful spot to support investors.

He added

“The CBEX scam is the effect not of the deficiency of regulations, but of the investors’ nonaccomplishment to transportation retired owed diligence earlier investing successful specified a questionable scheme.”

Hope for investors?

Speaking connected the chances of investors getting backmost their money, Oyebanji stated that the acquainted signifier of this heist and the opaque ownership operation of the strategy bespeak that determination is small oregon nary accidental for investors to retrieve their funds.

He advised that affected investors “look guardant to the result of the SEC probe close now,” adding that the lawsuit is “such a hard clip for the victims and I anticipation they can determination connected rapidly from their losses.”

“Those who neglect to larn from past are doomed to repetition it. The MMM scam of 2016, which bore resemblance to the CBEX scam, is simply a compelling acquisition of past that we indispensable ne'er forget.

He added,

“It is truthful unfortunate that we find ourselves successful an economical concern that exploits our vulnerability to ponzi schemes, and this has made america a brushed people for criminals who privation to participate our immense cryptocurrency market. To debar falling unfortunate again, we indispensable larn from this acquisition and outgrow our corporate naivety.”

Red flags to ticker retired for?

The web3 adept advised that investors ticker retired for the registration presumption of a cryptocurrency level earlier making immoderate concern decisions, arsenic immoderate unregistered concern platforms beryllium ignored.

He added that platforms without a registered bureau code successful Nigeria should not beryllium patronised.

Other reddish flags to beryllium wary of are the unrealistic returns promised by crypto platforms, opaque ownership, cybersecurity hazard profile, etc.

Expert lists reddish flags successful investment. Photo Credit: CBEX, Contributor
Source: Getty Images

What the regulator is doing

According to the expert, the Securities Exchange Commission (SEC) successful complaint of Nigeria's superior market, has remained steadfast successful informing Nigerian investors of unregistered cryptocurrency platforms similar CBEX. As a substance of fact, the Investment Security Act(ISA) of 2025, a recently enacted legislation, classifies crypto assets arsenic securities nether the purview of the SEC.

“What this means is that unregistered crypto concern schemes are amerciable successful Nigeria and operating without complying with the registration requirements is punishable by up to 10 years' imprisonment and a good of 20 cardinal naira.”

Former Buhari’s adjutant reacts arsenic alleged ponzi strategy collapse

Legit.ng reported that Former Special Assistant to ex-president Muhammadu Buhari connected Digital Communications, Bashir Ahmad, has reacted to the illness of CBEX investment.

Legit.ng recalls that aft days of trending connected societal media, CBEX, an concern platform, allegedly crashed.

Trillions of naira belonging to investors successful respective countries person been trapped connected the platform.

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Source: Legit.ng