CryptoBridge Exchange known as CBEX may have joined a long list of successful scams in Nigeria. According to Nigerian investors, the people behind the digital platform have carted away over N1.3 trillion from their wallets after crashing on Monday.
The platform now joins the scams hall of fame in the country. This list includes Mavrodial Mondial Movement (MMM) of 2016 – 2017, which affected over three million Nigerians; Twinkas, Ultimate Cycler, Zar Fund, Givers Forum, iCharity, Get Help Worldwide, and more.
CBEX launched in Nigeria in July 2024, promising investors a 100 percent return in 30 days. Users were encouraged to refer others, with bonuses and tiered rewards based on the size of their referral network.
Concerns were noticed online on Wednesday, April 9, when a prominent X user, Man of Letters, @Letter_to_Jack, wrote about an individual who reportedly invested $1,000 and withdrew $5,000.
“Having done all my checks, the platform flies all the flags of a Ponzi scheme,” he tweeted.
By Friday, April 11, panic had set in as some users reported being unable to withdraw their funds.
“They told us it was just a rumour,” an investor told BusinessDay, referring to conversations in one of CBEX’s WhatsApp groups. “They assured us withdrawals would resume by Tuesday (April 15).”
BusinessDay says it reviewed messages from a group named CBEX_ST, where one member wrote on Monday, “The ST team has always been committed to doing what we say we will do, and we have always promised to compensate anyone who loses money as a result of trading errors on our signals.”
As at Monday, the platform had crashed. “I lost over N3 million,” Femi Azeez, an investor, said. CBEX has locked its Telegram channels and restricted WhatsApp groups. It has also introduced a verification fee where users are asked to pay $100 or $200 to supposedly unlock $1,000 or $2,000, respectively.
Under the newly revised ISA 2025, operators of Ponzi schemes now face a 10-year jail term and a N40 million fine, if convicted.
However, while many Nigerians have reported losses on social media, claiming that CBEX stole ₦1.3 trillion ($822 million) from Nigerians, the total loss is estimated to be significantly less.
After tracking multiple wallets and smart contracts in connection with the crypto Ponzi scheme, Techpoint Africa estimates that at least $6.1 million has been deposited into the exchange.