CBEX brings memories of Ponzi schemes back, causing widespread panic and disorder at its office in Oke Ado, Ibadan, on Monday, April 15, 2025, as furious crowds stormed the building, looting items such as window frames, air conditioners, fans, and various other valuables. The chaos, now widely shared on X, follows mounting allegations that CBEX—a digital asset trading platform—has defrauded its users. Many investors have reported being unable to withdraw their funds, further fueling public outrage.
While the Oyo State Police have yet to issue an official statement or confirm any arrests, eyewitnesses described a tense and volatile scene, with emotions running high over the suspected scam.
Weeks ago, news about the platform began spreading online, with people talking a lot. On April 14, following the announcement from SEC, labeling the platform as unregistered. The company had attracted thousands of users with promises of a 100% return on investment within 30 to 35 days. However, recent delays in payouts have raised fears that the platform may be operating as a Ponzi scheme.
The company calls to mind memories of Ponzi schemes, apparently reaching the point it needed to in order to trigger the effects typically seen in such schemes, eventually halting payments to investors — exactly what has happened.
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