A supposed cryptocurrency investment platform, CBEX, is now under intense scrutiny as Nigerian users report withdrawal delays, sparking fears of a potential Ponzi scheme collapse.
Multiple investors have taken to social media to voice their frustrations, with many claiming that the platform has stopped processing withdrawals after luring them with promises of high returns.
This has reignited concerns about crypto investment scams in Nigeria, following the infamous collapses of schemes like MMM, Ultimate Cycler, and Forsage.
What is CBEX?
CBEX emerged as a cloud mining and investment platform, promising users daily returns for depositing funds into its system. The platform marketed itself as a low-risk, high-reward opportunity, attracting thousands of Nigerian investors.
According to its website and social media pages, CBEX claimed to generate profits through AI-powered trading, forex, and Bitcoin mining. However, experts have long warned that such platforms often operate like Ponzi schemes, relying on new deposits to pay old investors—until the system collapses.
Withdrawal Delays has Triggered Panic
The trouble began when CBEX users started complaining about delayed or failed withdrawals. Many reported that their accounts were frozen or that customer support had gone silent.
A user on X (formerly Twitter) lamented:
“I invested over ₦2 million in CBEX, but now I can’t withdraw even ₦10,000. The support team is ignoring me. This is a scam!”
Another victim shared screenshots showing that their withdrawal requests had been pending for weeks, with no explanation from CBEX.
Punch Nigeria’s Report
A recent Punch Newspapers investigation revealed that:
- Many users cannot access their funds.
- CBEX’s customer support has become unresponsive.
- There are no verifiable records of the company’s registration or regulatory compliance.
These findings have further fueled suspicions that CBEX may be an exit scam—a fraudulent scheme where operators shut down and disappear with investors’ money.
Red Flags That Point to a Ponzi Scheme
Financial analysts and crypto experts have long warned about the warning signs of Ponzi schemes, and CBEX exhibits several indications that are:
- Too-Good-To-Be-True Returns – CBEX reportedly promised daily profits of 2-5%, which to an ordinary eye is an unsustainable model.
- Recruitment-Based Earnings – Users were encouraged to bring in new investors to earn more, a classic Ponzi tactic.
- No Clear Revenue Source – The platform never clearly explained how it generated such high profits.
- Lack of Transparency – No verifiable company address, regulatory licenses, or audited financial reports.
- Sudden Withdrawal Issues – A major red flag that often precedes a collapse.
What Should Investors Do?
- Stop Depositing Funds – Avoid putting more money into CBEX.
- Document Evidence – Save transaction records, withdrawal requests, and chat logs with support.
- Report to Authorities – Contact the EFCC, SEC, or FCCPC to file complaints.
- Warn Others – Share experiences to prevent more people from falling victim.
Will CBEX Refund Investors?
If CBEX is indeed a scam, recovering funds will be extremely difficult. Past Ponzi schemes like MMM and Ultimate Cycler left thousands of Nigerians with no refunds.
Legal experts suggest that class-action lawsuits or regulatory intervention may be the only hope, but success is rare.
Another Crypto Scam in Nigeria?
The unfolding CBEX saga highlights the risks of unregulated investment platforms in Nigeria’s crypto space. With rising unemployment and economic hardship, many Nigerians are desperate for quick money, making them easy targets for scams.
As authorities remain slow to act, the burden falls on individuals to research before investing.
What’s Next?
- Will SEC or EFCC investigate CBEX?
- Will the platform suddenly reopen withdrawals to calm nerves?
- Or is this the beginning of the end for CBEX investors?
My Answer is Only God Knows.
