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1 day ago
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- After days of trending connected societal media, CBEX, an concern platform, has allegedly crashed
- Trillions of naira belonging to investors successful respective countries person been trapped connected the platform
- While immoderate Nigerians are lamenting connected societal media, immoderate are said to person deed the streets, looting the CBEX office
Legit.ng writer Ruth Okwumbu-Imafidon has implicit a decennary of acquisition successful concern reporting crossed integer and mainstream media.
A bid of reactions trailed the determination of CBEX, an concern platform, to restrict withdrawals amid rumours of being a Ponzi scheme.
Cbex, an concern level that prides itself connected giving its customers 100% returns successful 30 days done online trading, restricted withdrawals connected April 9, 2025.
Legit.ng checks uncover that the level has changed its domain sanction severally betwixt January 2024 and February 1, 2025.
Source: UGC
It went from cbex.cx to cbex8.com successful July 2024, past to cbex9.com successful September 2024, cbex-dex.com connected November 13, 2024, and cbex39.com successful February 2025.
Several users connected societal media assertion to person deposits moving into hundreds of thousands of dollars, and this could connote that trillions of naira person been trapped with CBEX.
CBEX restricts withdrawal of funds
The connection notifying the customers stated that withdrawals would resume connected April 15, 2025 aft the information breach had been resolved.
A idiosyncratic noted successful a video that respective caller users besides signed up successful the days aft the restricted withdrawals, successful the content that it was lone a impermanent information glitch and would beryllium resolved successful a substance of days.
Several voices connected X (formerly twitter) warned caller signups from proceeding, noting that restricted withdrawals is the archetypal signifier of an eventual crash. One idiosyncratic @Ndfrek posted connected April 11, 2025;
“The archetypal measurement a ponzi strategy takes earlier its inevitable clang is to restrict withdrawals. The 2nd measurement is erstwhile they archer you to put a small much earlier you tin withdraw. The last measurement is erstwhile you effort to cheque the website & you spot "under maintenance. CBEX is connected Step 1”CBEX demands much deposits
Like a self-fulfilling prophecy, the 2nd signifier soon unfolded. Cbex sent a message to its users saying;
“All accounts request to acquisition the pursuing verification steps to guarantee their authenticity. 1. For accounts with funds beneath $1,000 earlier immoderate losses, a deposit of $100 is required. 2. For accounts with funds exceeding $1,000, a deposit of $200 is required. Additionally, delight support your deposit receipts to guarantee you tin beryllium the authenticity of the relationship during aboriginal withdrawal reviews.”Users were inactive reacting to this connection erstwhile it was confirmed that by 6 pm, aforesaid Monday evening, CBEX had locked each its telegram groups.
Several users ran to societal media to lament that their relationship balances had changed to zero, implying that their wallets had been emptied.
Interestingly, the website is inactive up, but users accidental they are incapable to interaction enactment to inquire astir their missing funds.
Nigerians talk connected CBEX crash
An X user, Olufemi Ayodele @phemidawiz posted;
“My barber spent immoderate clip preaching CBEX to me. I kept telling him to bash due inheritance cheque but e nary gree. This Ponzi radical conscionable bask the gullibility of Nigerians. Once they navigator a immoderate scam app similar this, archetypal people is Nigeria. Na we omniscient walk yet na we mumu pass!”A Nigerian successful the UK, Mr. Samuel Ngozi, told Legit.ng that his person had pressured him for months to motion up, but it felt excessively bully to beryllium true. He said;
“The fraudulent scams are becoming excessively much, and its astir similar Nigeria is astir their target. A person had been connected my cervix to motion up but I looked astatine it and concluded that it was 1 of those hybrid Ponzis. They person suspended withdrawals, and we cognize what usually follows aft that”He expressed anticipation that the caller ISA 2025 would empower the SEC to spell down connected specified ponzis and clamp them down fully, for the involvement of Nigerians.
Source: Twitter
Recall that the Securities and Exchange Commission had warned Nigerians against Ponzi schemes and released a list of 58 Ponzi schemes operating successful Nigeria.
SEC to prosecute Ponzi Scheme operators nether ISA 2025
The Securities and Exchange Commission (SEC) precocious announced its readiness to spell each retired against Ponzi strategy operators.
The SEC DG noted that the recently signed ISA (2025) has fixed the committee ineligible authorization to prosecute amerciable strategy operators.
The Act besides recommends stiff penalties, including a 10-year jailhouse word for offenders, replacing the erstwhile enactment that had nary penalties attached.
SEC bans unregistered online trading/investment platforms
In related news, the federal government has taken a decisive measurement to fortify marketplace oversight with the recently signed ISA 2025.
Legit.ng reported that 1 of the provisions outlaws online overseas speech (forex) trading platforms and different online exchanges, that are not registered oregon regulated by the SEC.
This is simply a determination aimed astatine protecting Nigerian investors successful the online abstraction and curbing marketplace abuses, arsenic integer trading and crypto concern proceed to turn successful Nigeria.
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Source: Legit.ng
