See the biggest losers in the CBEX collapse as EFCC begins manhunt

• Oil and state players are the biggest losers successful the precocious crashed CBEX, a Ponzi scheme, which frittered distant implicit N2 trillion of investors’ funds
• Sources adjacent to immoderate of the investors disclosed that investments into CBEX from lipid and state players accounted for implicit N1 trillion
• He said the WhatsApp group, wherever the investors belong, is abuzz arsenic immoderate of the admins person gone underground, portion the remaining support innocence

Legit.ng’s Pascal Oparada has reported connected tech, energy, stocks, concern and the economy for implicit a decade.

Findings person shown that lipid and state investors whitethorn person been the hardest deed successful the precocious collapsed Ponzi platform, CryptoBridge Exchange (CBEX).

Details implicit the play amusement that investors from the lipid and state industry accounted for implicit 50% of losses recorded successful the Ponzi scheme’s crash.

Oil and state investors look arsenic the biggest losers successful the collapsed CBEX. Credit: Novatis
Source: Getty Images

CBEX: Oil and state investors suffer N1 trillion

The level maintained a beardown beingness successful Lagos, Abuja, and Oyo State, giving investors the content of a morganatic concern concern.

Nigerian investors were defrauded past week pursuing the abrupt illness of the platform, which took with it implicit $850 million, implicit N2 trillion, of investors' funds.

According to reports, an lipid and state relation disclosed implicit the play that astir of those who mislaid beingness savings successful the dubious level were from the downstream petroleum industry.

CBEX: WhatsApp admins abscond

The root disclosed that the figures mentioned were downplayed, claiming that the Ponzi level took implicit N1 trillion from lipid and state operators alone.

According to him, the WhatsApp radical of the lipid and state investors is presently successful situation arsenic immoderate of the admins are astatine large, portion others absolve themselves of blame.

The Sun reports that the investors had blamed the Securities and Exchange Commission (SEC) for lagging successful its responsibility.

The root disclosed that CBEX operators did not run successful isolation, arsenic their offices were dispersed crossed the state and promoted the Ponzi strategy connected societal media platforms and mainstream media.

CBEX: SEC vows to prosecute investors

However, the SEC said that CBEX was not authorised to run arsenic a integer assets speech institution successful Nigeria and warned investors of patronising the platform.

The committee disclosed this via a circular connected Thursday, April 18, 2025, stating that CBEX, operating nether assorted names, had engaged successful authorised concern solicitation, offering unrealistic precocious returns to gullible Nigerians.

“The Commission hereby clarifies that neither CBEX nor its affiliates were granted registration by the Commission astatine immoderate clip to run arsenic a integer assets exchange, solicit investments from the public, oregon execute immoderate different relation wrong the Nigerian superior market,” the SEC stated.

The level had promised its investors a 100% instrumentality connected concern wrong 30 days, which the SEC said was a reddish flag.

The platform’s operational exemplary has travel nether probe arsenic allegations of fraud and dubious practices surfaced.

SEC commits to marketplace transparency

The superior marketplace regulator said that CBEX embarked connected promotional activities to make a mendacious content of legitimacy, luring investors with the committedness of precocious yields and failing to honour withdrawal requests, and shutting down its carnal offices abruptly.

The SEC said the promoters of the level volition not spell unpunished arsenic the instrumentality empowers the committee to support investors and reconstruct marketplace confidence.

Director General of the Securities and Exchange Commission, Emomotimi Agama, vows to prosecute CBEX promoters. Credit: SEC/Novatis
Source: UGC

The connection reaffirmed the SEC’s committedness to supporting creativity successful the fiscal services sector, emphasising that each innovations indispensable hap wrong a regulated environment, prioritising capitalist extortion and marketplace integrity.

CBEX: Expert's usher to withdrawing your money

Legit.ng earlier reported that galore Nigerian investors lost their beingness savings aft CBEX, an unsecured and unregistered integer trading platform, crashed connected Monday, April 14, 2025.

A erstwhile Legit.ng study disclosed that the level became unavailable and inaccessible to users seeking to retreat their funds connected Tuesday, April 15, 2025, starring to the content that it had crashed.

Before the clang connected Monday, April 14, 2025, the level had prided itself arsenic a high-yield concern firm, promising investors a 100% instrumentality wrong a month.

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Source: Legit.ng