Several Nigerians have taken to social media to air their grievances after CryptoBridge Exchange (CBEX), a forex trading platform reportedly wiped out over N1.3 trillion naira from investors’ accounts.
CBEX promised a 100% return on investment within 30 days to investors, accepting only dollar-denominated investments.
On its website, CBEX claimed to have obtained a legal trading license in the United States with independent offices in the US, South Korea, Hong Kong, and other regions.
CBEX relies majorly on social media hype, word-of-mouth advertisement, and posted testimonies from supposed beneficiaries.
For months, the promise of quick wealth had bound a lot of people to the platform, a company that promised returns too good to resist. Initially, people invest and get their returns, pushing more people to join the platform.
Gradually, people began reporting delays in withdrawal with CBEX blaming system upgrades and network issues.
Then, they finally began reporting that their balance had changed to zero; that was when the issue escalated as it became clear to many that their funds were gone. Many Nigerians took to various social media to cry and also emphasized the damage suffered.
An X user, @Jhoy_ _ _ _ _ wrote:
“This cbex thing is rough, and I hope life catches up to the perpetrators. My neighbor and his wife invested in it, and the wife’s 9 siblings! The siblings also brought people into it. They’re shattered. The wife was hoping to travel abroad, she’s a nurse.”
A TikTok user, @tees_supplierinlagos, posted a video of her shedding tears after losing N10 million to CBEX.
Another X user, @ezeh_pat wrote:
“CBEX has crashed, another Ponzi bites the dust. Nigerians will still rush into the next one. Poverty doesn’t gamble its last kobo, Greed does. Poverty shares info and Greed keeps quiet, hoping to cash out alone. When will we learn?
CBEX reportedly locked their telegram account and posted an update for investors to be able to access their funds.
They need to go through a verification process, where they pay $200 to unlock $2,000 and $100 to unlock $1,000. However, other internet users advised the CBEX victims to desist from falling victim the second time.
CBEX is not the first Ponzi scheme that will leave Nigerians in tears, from MMM to Racksterli and now CBEX.
While some view the victims of these Ponzi schemes as greedy people trying to use quick routes to success, others believe the situation of Nigeria with the growing economic challenges pushed people into falling victims despite the red flags.
