By Patrick Idowu
Ibadan descended into chaos on Monday as an angry mob stormed and looted the office of China Beijing Equity Exchange (CBEX), in the Oke Ado area, following the sudden collapse of the digital trading platform that left scores of investors reeling with losses.
Eyewitnesses reported that the enraged crowd forcefully entered the premises, carting away electronics, furniture, and other valuables in a dramatic retaliation over what they claimed was a fraudulent scheme.
The collapse of the CBEX platform reportedly wiped out user balances, leaving many investors devastated and without answers.
A video circulating online captures the moment of unrest, showing dozens of people overrunning the facility and emptying its contents.
Several victims took to social media to express outrage and demand justice, accusing CBEX of orchestrating a digital scam under the guise of a secure trading platform.
Introduced as an online space for digital asset exchange, CBEX had promised transparency and profitability.
Its dramatic failure has now raised serious questions about its legitimacy and business model.
The Securities and Exchange Commission (SEC), has since warned the public against engaging with unregistered digital platforms, describing operations like CBEX’s as illegal.
As of press time, no official statement had been released by security agencies, and it remains unclear whether any arrests have been made in connection with the incident.