CBEX: My wife and I lost over N11m — Victim laments
* My wife pushed me into it, victim recount ordeals
*Aggrieved investors stormed the CBEX Lagos office and broke into the premises
By Olasunkanmi Akoni
Irate investors stormed the office of Crypto Bridge Exchange Smart-Treasures, widely known as CBEX, located at Seliat Bus Stop in the Egbeda-Idimu area of Lagos State on Wednesday morning. They broke into the premises in search of officials following the trading platform’s collapse.
CBEX was an artificial intelligence-powered cryptocurrency trading platform that allows users to buy and sell digital assets with promises of “100 per cent returns every month.”
When Vanguard visited the office at Egbeda, Alimosho Local Government area of the state, the angry investors invaded the premises in large numbers as early as 9 am. They broke into the offices after forcing their way through the main gate but could not gain access to the main office.
The office, which usually bustles with various activities, has remained deserted, as no staff or security could be seen on site.
The armed policemen, including the Rapid Response Squad, RRS, who were drafted to the area from Lagos State Police Command from Idimu Area “M’, later arrived at the scene in their patrol vans at about 10 am to maintain the security of lives and property and prevent a possible breakdown of law and order.
As of press time, it could not be confirmed whether the suspects involved in the scam or the landlord of the building housing CBEX had been arrested.
The action followed high tensions last Friday when CBEX subscribers/investors started noticing that the platform had crashed, locking them out and rendering them unable to access their funds.
Responding to the CBEX experience, the Securities and Exchange Commission reiterated that under the newly enacted Investments and Securities Act 2025, it is now illegal to operate any digital asset exchange or online forex trading platform in Nigeria without formal registration.
In a statement released earlier on Sunday, the SEC stressed that the new law makes it an offence in Nigeria for any entity that is not registered by the commission to carry out the business of online foreign exchange trading platforms or related services.
Meanwhile, on Wednesday, Vanguard observed some victims in tears who claimed to have lost millions of money on the crashed CBEX trading platform.
One of the victims, who simply identified himself as Mr Segun, lamented the situation, calling on relevant authorities to come to the victims’ aid.
Lamenting, Segun said, “How do I start now.? This place is being used as their office for the crypto trading business called CBEX.
“I was actually confused initially because you see online one China Inner Beijing Equity Exchange and another CBEX, which is this one, Crypto Bridge Exchange Smart-Treasures. They promised AI technology-assisted Crypto trading, and in 30 days, we got 100 per cent returns on our dollar-based investments.
“You bring in the naira equivalent of dollars and put it into a CBEX account for trading with huge returns of investment. The person who introduced me had been on the platform for months before it crashed and has gained huge amounts already. Someone even built a house through it.
“In the office, they displayed Nigerian Security Exchange, NSE, and EFCC certificates on their wall, a lavishly furnished office that leaves no room for doubts. They conduct seminars every Wednesday and Saturday and fill them out. They just opened another office in Ikeja. They have it at Ikorodu as well.
“I joined not quite long ago with $1,700, about N1.7 million investment, and now I am at a crossroads. I got that money from a cooperative loan I collected, which I plan to repay after I return.
”Someone I know lost over $8,000, others, $4,000, and so on, running into trillions of naira.
“We use this opportunity to plead with governments and relevant authorities to get on top of this and protect the citizens they swore to protect.
“My wife actually pushed me into it. She advised me strongly to take advantage of it and advised me to withdraw my dormant savings from First Bank and invest in CBEX. I did it; see where it landed me today. I thought I was smart before, but I have been scammed eventually.
“Though, a lot of people who joined earlier have made millions of naira from it. I was just being unfortunate.
“These Ponzi operators do have targets. Once they attain some level of percentage of money before they strike.”
“I just realized why they (scammers) scam people now. They saw the kind of money they saw within the little time they started, even if they did not believe they could realize it. Over a trillion naira was realized.
“I was convinced and confused because they were into crypto trading, which is a legitimate business. They said with crypto, if you put N1 million today, you can also make N1 million immediately, making it N2 million in total and vice versa.
“A pensioner, an old man, died yesterday because of the loss. He just held his chest and passed. Also, a medical doctor is in bed now due to the loss at Abule Egba-Ilepo General Hospital. About 50 nurses are affected, I can tell you authoritatively.
“We learnt that a victim, the woman, also committed suicide yesterday after learning of the crash. We learnt that she obtained a loan and handed it to her husband to invest in CBEX. Even ICT experts and bankers were also victims.
“Recently, in the last moment they (CBEX officials) were encouraging investors that the money safe. At some points they said that scammers hacked into their account and have to repack everyone’s money for safety and when the coast is clear will be restored before this bubble burst.”
Also, Mr. Victor Ozime, a victim, claimed he lost $4,000, while his wife lost $3,000. We are on ground zero.
How do we finance our children’s school fees and pay house rent? I have so many plans for the money. Right now, I feel like ending it all.”
Vanguard News
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