Nigerians para afta losing money to CBEX, angry youths for Ibadan loot office
Wia dis foto come from, Getty Images
- Author, Tunde Ososanya
- Role, Senior Journalist
- Twitter,
- Reporting from Lagos
Nigerians on social media dey para say dem lose money ontop digital asset trading platform, CBEX.
Dose wey invest ontop di platform say dem bin no fit withdraw dia money for some days as withdrawal dey suspended. Afta di withdrawal suspension, investors begin see zero for dia balance.
Tori be say na ova 1.3 trillion naira CBEX sweep from investors s.
CBEX investment dey promise 100 percent return on investment for investors in one month and dis na why pipo bin rush am.
Oda Nigerians on social media say anyone wey put money for such investment na greedy pesin and wonder why Nigerians go dey fall for such scam again afta MMM and odas wey come afta am bin crash.
End of Di one wey oda s dey read well well
Bifor CBEX crash, pipo wey bin dey invest ontop di platform dey spread di message about di investment on social media platforms and WhatsApp so odas go fit .
'I lose 450,000 naira' - investor
One investor simply identified as Ola wey follow BBC News Pidgin tok say im bin invest in CBEX sake of say im be student and need wia to invest.
E say im bin no wan keep liquid cash so im no go spend am.
Ola say na 450,000 naira im take invest but afta im don make profit im friend wey introduce am to CBEX say make e still chill.
"I bin ready to take evritin I need last week but same friend tell me to dey patient until yesterday wen di crash happun," e tok.
Anoda investor wey no want make we mention im name say im dey heartbroken sake of di crash.
Di investor say im lose 2,000 dollars ontop di trading platform and add say im dey too heartbroken to narrate im experience.
Angry youths for Ibadan loot CBEX office
A group of angry youths bin storm CBEX office for Oke Ado area of Ibadan, di Oyo State capital, to loot items afta di trading platform crash.
For one video wey circulate on social media, di youths carry items wey include air conditioner, fan and oda valuables.
Di angry youths also comot CBEX office glasses.
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Wetin be CBEX?
CBEX na digital trading asset platform wey dey give investors 100% return on investment in 30 days.
Di trading platform describe diasef as di leading crypto exchange wey dey help investors trade wit 99.9% accuracy using AI technology
CBEX wey start dia operation for Nigeria for 2024 design dia platform mimic well-known exchange, ByBit.
Investors dey earn bonuses for bringing in new s, and dia reward dey increase based on di number of pipo dem bring.
SEC warn Nigerians against uned digital asset exchanges
Meanwhile, di Securities and Exchange Commission (SEC) don warn Nigerians against uned trading platforms.
According to SEC, di newly enacted Investments and Securities Act, 2025 (ISA 2025) make am illegal to operate digital asset exchanges or online foreign exchange trading platforms witout formal registration wit di commission.
For one statement on Sunday, di SEC say in accordance wit di ISA 2025 wey President Bola Tinubu recently sign, na offence for any entity to operate online forex trading platform or provide related services witout prior registration wit di commission.
"By virtue of dis Act, na offence for Nigeria for any entity wey no dey ed by di commission to carry out di business of online foreign exchange trading platforms or related services.
"Any business entity wit di plan of setting up a business for any of dis area dey advised to visit di HOD DRM Department of di commission for further directive on how to wit di commission to avoid sanctions," di statement tok.
"Under di newly enacted legislation, di Securities and Exchange Commission (SEC) now dey empowered to regulate a broader scope of market activities as Section 3(3)(b) of di Act explicitly mandate di commission to " and regulate securities exchanges, commodity exchanges, virtual and digital asset exchanges, and oda market venues."
