CBEX trading crash sparks chaos in Ibadan

Tension erupted in the Oke Ado area of Ibadan on Monday night as furious investors stormed the local office of CBEX, an AI-powered digital trading platform accused of running what many now describe as a Ponzi scheme.

The unrest followed the sudden crash of the platform, which reportedly wiped out billions of naira from user accounts.

In a viral video that has since spread rapidly across social media, angry individuals—many claiming to have lost life savings and millions of naira—were seen looting the CBEX office.

They carted away valuables including air conditioners, fans, office furniture, and even smashed windows in a desperate display of anger and frustration. The chaos caused heavy traffic in the area as a large crowd gathered, with bystanders watching the scene unfold.

WATCH VIDEO HERE: https://twitter.com/i/status/1911905201482498478

According to multiple reports, CBEX allegedly transferred over $822 million (₦1.3 trillion) into a private Ethereum wallet, leaving investor accounts drained and displaying a balance of 0.00. Victims say the signs of trouble began long before the official crash, with many noticing their funds quietly disappearing shortly after making deposits. Eventually, withdrawals were halted altogether, fueling fears that the platform had defaulted.

READ MORE: CBEX Ponzi Scheme crashes, investors in tears

CBEX had marketed itself as a revolutionary AI trading platform that could deliver 100% returns on investment within just one month. Investments were made exclusively in U.S. dollars, and the platform gained popularity quickly, attracting thousands of Nigerians—many of them young people and women hoping to grow their earnings amid economic hardship.

In the aftermath of the crash, several women were seen in online videos breaking down in tears, lamenting the loss of their savings. Some claimed to have invested millions of naira, while others said they had convinced friends and family members to join the platform, making the loss even more devastating.

Further enraging victims, CBEX reportedly locked its Telegram channels—its primary mode of communication with investors—and announced a so-called “verification process”. The company requested an additional $200 from users with over $1,000 in their accounts, and $100 from those with less, promising that the payment would help authenticate users and unlock their frozen funds. Many now believe this was an additional layer in the scam designed to extract even more money from already desperate victims.

The CBEX debacle has quickly become one of the largest online investment collapses in Nigeria’s recent history, sparking calls for regulatory authorities such as the Economic and Financial Crimes Commission (EFCC) and the Central Bank of Nigeria (CBN) to investigate and take swift action.

As of now, the CBEX platform remains inaccessible, and no official statement has been issued by its operators. Victims continue to share their stories across social media in the hopes of raising awareness and seeking justice.

Crediblenewsng.com