{"id":474713,"date":"2025-04-15T20:30:42","date_gmt":"2025-04-15T19:30:42","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=474713"},"modified":"2025-04-15T19:59:58","modified_gmt":"2025-04-15T18:59:58","slug":"nigerian-investors-blindsided-by-massive-cbex-ponzi-scheme","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/nigerian-investors-blindsided-by-massive-cbex-ponzi-scheme\/","title":{"rendered":"Nigerian investors blindsided by massive CBEX Ponzi scheme"},"content":{"rendered":"<p>Thousands of Nigerians have lost millions to a fraudulent digital asset trading platform, CBEX, which operated as a Ponzi scheme.<\/p>\n<p>Early <a href=\"https:\/\/thenationonlineng.net\/cbex-key-things-to-know-about-collapsed-online-trading-platform\/\">reports<\/a> from local media outlets placed total investor losses at \u20a61.3 trillion (approximately $800 million), with the funds allegedly sitting in a <a href=\"https:\/\/cryptoslate.com\/coins\/tron\/\">Tron<\/a> wallet believed to be associated with CBEX.<\/p>\n<p>However, <em>CryptoSlate's<\/em> analysis suggests the real figure may be significantly lower as the address belongs to <a href=\"https:\/\/cryptoslate.com\/companies\/binance\/\">Binance's<\/a> hot wallet, contradicting speculation on Nigerian social media.<\/p>\n<p>Independent crypto analyst Specter offered a more conservative estimate, placing the total loss closer to $12 million.<\/p>\n<h2>CBEX Ponzi scam<\/h2>\n<p>CBEX, falsely branded as &#8220;China Beijing Equity Exchange,&#8221; gained popularity in Nigeria by presenting itself as a legitimate international trading firm. In reality, the platform had <a href=\"https:\/\/www.sfc.hk\/en\/alert-list\/3024\">no affiliation<\/a> with the official Chinese entity bearing the same name.<\/p>\n<p>Instead, CBEX followed a classic Ponzi model of promising high profits, requiring referrals, and locking user funds.\u00a0The firm lured investors by promoting an AI-driven trading strategy that would deliver a 100% return on investment within 30 days.<\/p>\n<p>The fraudulent platform had also gained credibility through promotional <a href=\"https:\/\/x.com\/SaharaReporters\/status\/1912125813215932573\">appearances<\/a> on state-owned media outlets where it had been deviously described as a &#8220;poverty alleviation&#8221; scheme.<\/p>\n<p>This drew in several investors who were encouraged to bring in more people before they could access their returns.\u00a0However, the withdrawals were subject to lengthy lock-in periods, and by April 2025, user accounts were frozen without warning.<\/p>\n<p>The sudden halt on withdrawals <a href=\"https:\/\/x.com\/africafactszone\/status\/1912040673357836597?s=46\">triggered<\/a> widespread backlash as angry users stormed CBEX offices in Ibadan and Lagos. Others took to social media to share stories of lost savings, some in the tens of thousands of dollars.<\/p>\n<h2>Scam connections extend beyond borders<\/h2>\n<p>CBEX's collapse appears to be part of a broader network of related scams.<\/p>\n<p>Crypto analyst Specter <a href=\"https:\/\/x.com\/SpecterAnalyst\/status\/1912152048654565473\">linked<\/a> CBEX to other Ponzi schemes like LWEX and PCEX, pointing to cloned websites and similar transaction patterns. LWEX, for instance, targeted users in Slovakia and Hungary before shutting down earlier this month.<\/p>\n<p>Specter's investigations further revealed that wallets associated with CBEX were connected to <a href=\"https:\/\/cryptoslate.com\/north-koreas-lazarus-group-tied-to-305m-crypto-breach-of-japans-dmm-exchange\/\">Huione<\/a> Pay, a payment and exchange system operating in Southeast Asia.<\/p>\n<p>Notably, blockchain forensics firm <a href=\"https:\/\/cryptoslate.com\/companies\/elliptic\/\">Elliptic<\/a> has flagged Huione as one of the largest hubs for illicit financial activity, reportedly processing over $24 billion in suspect transactions. The platform has been linked to pig butchering scams and human trafficking tools.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Thousands of Nigerians have lost millions to a fraudulent digital asset trading platform, CBEX, which operated as a Ponzi scheme. Early reports from local media outlets placed total investor losses at \u20a61.3 trillion (approximately $800 million), with the funds allegedly sitting in a Tron wallet believed to be associated with CBEX. However, CryptoSlate&#8217;s analysis suggests [&hellip;]<\/p>\n","protected":false},"author":720,"featured_media":474734,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[76799,1,77968,9836],"tags":[80176,76807,76820,80177],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Nigerian investors blindsided by massive CBEX Ponzi scheme<\/title>\n<meta name=\"description\" content=\"CBEX, falsely branded as &quot;China Beijing Equity Exchange,&quot; lured Nigerian investors with promises of high returns.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/nigerian-investors-blindsided-by-massive-cbex-ponzi-scheme\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Nigerian investors blindsided by massive CBEX Ponzi scheme\" \/>\n<meta property=\"og:description\" content=\"CBEX, falsely branded as &quot;China Beijing Equity Exchange,&quot; lured Nigerian investors with promises of high returns.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/nigerian-investors-blindsided-by-massive-cbex-ponzi-scheme\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2025-04-15T19:30:42+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-04-15T18:59:58+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/04\/cbex-scam.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Oluwapelumi Adejumo\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Oluwapelumi Adejumo\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/nigerian-investors-blindsided-by-massive-cbex-ponzi-scheme\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/nigerian-investors-blindsided-by-massive-cbex-ponzi-scheme\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#person\",\"name\":\"Oluwapelumi Adejumo\",\"url\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/12\/profile-photo-oluwapelumi-adejumo-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/12\/profile-photo-oluwapelumi-adejumo-300x300.jpg\",\"caption\":\"Oluwapelumi Adejumo\"},\"jobTitle\":\"Senior Reporter\",\"description\":\"Oluwapelumi values Bitcoin's potential. 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