A growing sense of panic has gripped many Nigerian investors who had put their money into the online crypto investment platform, CBEX.
On Monday, numerous investors reported that their account balances had suddenly been reduced to zero, leaving them stunned and financially anxious.
This incident follows a recent request by the platform for additional deposits from its users, raising concerns about the platform’s legitimacy and its operations within the country.
REPORTER AT LARGE gathered that the platform has changed its domain name severally between January 2024 and February 1, 2025. It went from cbex.cx to cbex8.com in July 2024, then to cbex9.com in September 2024, cbex-dex.com on November 13, 2024, and cbex39.com in February 2025.
Several users on social media claim to have deposits running into hundreds of thousands of dollars, and this could imply that trillions of naira have been trapped with CBEX.
CBEX restricts withdrawal of funds
The investment platform restricted withdrawals on April 9, 2025. The message notifying the customers stated that withdrawals would resume on April 15, 2025 after the security breach had been resolved.
The development comes on the heels of circulating rumors that the platform was on the verge of collapse. Despite these warnings, many investors had chosen to stay invested, hoping for returns. In a bid to attract more investors, the investment organisers had promised a certain percentage bonus, which now seems like a distant memory.
Investor Concerns
As news of the account balances being reset to zero spread, investors took to social media to express their frustration and disappointment. Many are now left wondering if they will ever recover their investments. The sudden move by CBEX has raised several questions about the platform’s integrity and the safety of investments.
Impact on Investors
The zeroing of account balances has caused significant financial distress for many investors, some of whom had invested substantial amounts of money. The situation is particularly dire for those who had invested their life savings or borrowed money in hopes of making a profit.
The CBEX situation serves as a stark reminder of the risks associated with crypto investments and the importance of conducting thorough research before investing.
As the crypto market continues to evolve, investors must remain vigilant and cautious to avoid falling prey to potential scams or market volatility. For now, affected investors are holding on to the hope that there might be a resolution or a way to recover their lost funds.
