BREAKING: CBEX Ponzi investment platform collapses, leaving investors $12 million poorer
- CBEX froze user accounts without warning, leading to protests in Ibadan and Lagos.
- Initial reports indicated investors lost up to ₦1.3 trillion, but independent analyses estimated losses between $6.1 million and $12 million.
- CBEX operated as a Ponzi scheme promising unrealistic returns of 100% within 30 days.
The CBEX collapse serves as a stark reminder of the persistent risks associated with cryptocurrency investments in Nigeria, particularly in the absence of stringent regulatory frameworks. It is crucial for investors to enhance their financial literacy and exercise caution when approached with seemingly lucrative investment opportunities, especially those promising unrealistic returns. The government and regulatory bodies must take proactive measures to protect investors and prevent such fraudulent schemes from proliferating.
