EFCC and INTERPOL Launches Probe into Suspected Ponzi Scheme CBEX as Nigerians Lose ₦1.3 Trillion

Nigerians have taken to social media to express frustration and devastation after the digital asset trading platform CBEX reportedly stole over ₦1.3 trillion from investor accounts on Monday.

According to the well-known news website Instablog9ja, CBEX transferred $822 million (over ₦1 trillion) into a private Ethereum wallet, raising concerns about fraudulent activities.

source: Instablog9ja’s post on X

The CBEX incident has sparked heated discussion among investors on X, with some urging the Economic and Financial Crimes Commission (EFCC) to take action against the platform.

According to the latest news today, the EFCC and INTERPOL have launched an investigation into CBEX.

CBEX’s Fraudulent Verification Solution

Following the alleged fraud, CBEX locked its Telegram channels and postponed withdrawals. Instead, the platform introduced a questionable verification process, charging clients a $200 verification fee to withdraw $2,000 and a $100 verification fee to withdraw $1,000—a move widely identified by Nigerians as a tactic for further exploitation.

source: X

As the fallout continues, the total stolen funds are likely to rise, and investors are urged to avoid falling victim to CBEX’s secondary schemes.

CBEX: Suspected Ponzi-Style Scheme

CBEX has now been labeled a Ponzi scam. Cryptocurrency expert and security analyst Taiwo Owolabi said, “Apparently, when you make payments, you pay them into a TRX account, and then, immediately, they move it from that TRX wallet, gather it, convert it to USDT, and then to ETH. So, when you are logging into your account, there is literally no money on your profile.”

“What you see are just numbers. All the daily activities you do to ‘trade’ increase your money. All the AI trading is fake. When it’s time for withdrawal, they will send you another person’s money.”

CBEX markets itself as a leading crypto exchange, boasting 99.9% trading accuracy through AI technology—a claim that raises serious concerns about credibility and unrealistic promises.

CBEX shows FinCEN's MSB registration details on its website, but this registration does not certify legitimacy. Therefore, it is unregulated in the United States.

As the EFCC’s investigation unfolds, we anticipate further revelations about CBEX’s suspicious operations.