Reps reveal what China said about CBEX crypto scam as Nigerians loses N1.3trillion

• The House of Representatives has yet reacted to the alleged clang of CBEX, a cryptocurrency level that reportedly defrauded Nigerians of implicit N1.3 trillion
• Reports disclosed that CBEX was not registered with the Securities and Exchange Commission (SEC) but utilized the sanction of the China Beijing Equity Exchange, which has denied immoderate nexus to the strategy and others successful Nigeria
• The EFCC, Nigeria Police, and Interpol are present investigating the ponzi strategy arsenic Reps telephone for enforcement of the caller Investment and Securities Act (ISA), 2025, to support investors

Legit.ng journalist Esther Odili has implicit 2 years of acquisition covering governmental parties and movements.

FCT, Abuja - On Thursday, April 17, the House of Representatives enactment expressed interest implicit the illness of a cryptocurrency concern strategy known arsenic “CBEX,” which has reportedly defrauded unsuspecting investors of implicit N1.3 trillion.

Reps condemns CBEX crypto fraud successful Nigeria

CBEX Scandal: Reps Raise Alarm implicit Collapse of N1.3trillion Crypto Scam. Photo credit: House of Representatives, Federal Republic of Nigeria
Source: Facebook

Legit.ng reported that CBEX's alleged crash has sparked outrage, mockery, and sorrow connected Nigerian societal media abstraction with netizens sharing their acquisition done videos and comments.

The caller clang of the integer plus trading platform, that allegedly vanished with implicit N1.3 trillion, has erstwhile again exposed the vulnerability of Nigerians to fraudulent concern schemes.

In a connection issued connected Thursday, House spokesperson Akintunde Rotimi expressed the lawmakers’ sympathy for Nigerians affected by the fraudulent scheme, galore of whom are present grappling with fiscal nonaccomplishment and uncertainty.

As reported by The Nation, Rotimi revealed that preliminary investigations showed the level was not registered with the Securities and Exchange Commission (SEC) and had misleadingly adopted the sanction “CBEX.”

Reps talk arsenic China distances aforesaid from CBEX investment. Photo credit: CBEX
Source: UGC

He clarified that it has nary ties to the China Beijing Equity Exchange, a morganatic equity trading instauration that has publically denied immoderate engagement successful integer plus trading oregon operations successful Nigeria.

He said:

“This large-scale fraudulent scheme, which promised unrealistic returns and preyed connected nationalist trust, highlights the increasing risks posed by unregulated integer concern platforms.“The House notes that the Economic and Financial Crimes Commission (EFCC) and the Nigeria Police Force person already commenced coordinated investigations, moving successful performance with Interpol to way the perpetrators, safeguard investors, and retrieve withheld funds wherever possible. “We impulse these agencies to prolong swift and effectual enactment successful identifying, apprehending, and prosecuting the masterminds down this monolithic fiscal crime.“The House besides underscores the value of the precocious enacted Investment and Securities Act (ISA), 2025, signed into instrumentality by President Bola Ahmed Tinubu. “This landmark authorities – resulting from sustained legislative efforts crossed the 8th, 9th, and 10th Assemblies – strengthens the SEC’s enforcement powers, criminalises Ponzi schemes and related frauds, and introduces stricter penalties, including up to 10 years’ imprisonment. “Through these reforms, the capitalist extortion work of the SEC has been enhanced, reinforcing its mandate to shield Nigerians from fraudulent concern activities.”

Read much astir CBEX:

• Full List: 11 astir fashionable ponzi schemes Nigerians volition ne'er forget
• Hong Kong Govt's warnings connected CBEX Nigerians should not person ignored arsenic concern App freezes funds
• Man says CBEX mistakenly exposed itself, shares "evidence" online
• CBEX scandal: Buhari’s adjutant reacts arsenic CBEX illness

Video shows however OSBC allegedly promoted CBEX scheme

Meanwhile, Legit.ng reported that a viral video has exposed the Osun State Broadcasting Corporation (OSBC) for allegedly promoting the CBEX scheme.

CBEX officials reportedly gave airtime connected a programme aired connected OSBC to advertise the strategy arsenic a poorness alleviation initiative, urging Nigerians to invest.

The video has attracted mixed reactions from Nigerians, arsenic galore criticised the OSBC for endorsing the concern level that has reportedly crashed.

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Source: Legit.ng