Nigerians on social media are expressing outrage after losing money to a now-defunct digital asset trading platform known as CBEX. Many investors have reported being unable to withdraw funds for days after the platform abruptly suspended withdrawals. Shortly after, they logged in to find their account balances wiped to zero.
CBEX had promised a staggering 100% return on investment within a month—a tempting offer that drew in thousands. The promise of fast profits led many to promote the scheme across social media and WhatsApp groups, urging others to join before it was “too late.”
But following the crash, criticism quickly emerged online. Some Nigerians blamed the investors themselves, calling them greedy and questioning why people continue to fall for such schemes, especially after high-profile investment collapses like MMM and other Ponzi operations in the past.
One victim, identified simply as Ola, told said that he invested in CBEX because he is a student and wanted a way to grow his savings. “I didn’t want to keep liquid cash around, so I thought investing would help me avoid spending it,” he said.
Ola revealed that he initially invested ₦450,000 and had already made some profit. However, when he considered withdrawing, the friend who introduced him to the platform advised him to wait a little longer. “I was ready to take everything I needed last week,” Ola said, “but the same friend told me to be patient until yesterday—when the crash happened.”
The CBEX collapse has once again brought to light the dangers of unregulated investment schemes and the urgent need for financial education, especially among youth looking for quick wealth in a challenging economy.