A Nigerian crypto trading platform that collapsed in 2025, leading to significant investor losses.
A timeline of Crypto ponzi scams targeting African Investors since 2016 till date
Nigeria reported losses exceeding $2 billion due to cryptocurrency scams since 2016. The CBEX collapse in April 2025 resulted in estimated losses exceeding ₦1 trillion ($650 million).
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’ promised to double Nigerians’ money. Now over ₦1 trillion could be gone
CBEX promised investors a 100% return on investment within 30 days, a classic sign of a Ponzi scheme. Users were required to recruit at least 12 people before being allowed to withdraw profits.
