Business

Panic as CBEX Reportedly Disappears with Over N1.3 Trillion

Published

1 week ago

April 15, 2025

By Patrick Idowu

Thousands of investors have been thrown into confusion and heartbreak following the sudden crash of CBEX, an unregistered digital asset trading platform that reportedly vanished with more than N1.3 trillion in users’ funds.

The platform, which promised investors a one hundred percent return on investment within thirty days, mysteriously went offline on Monday, leaving behind only broken promises and digital illusions.

Cryptocurrency expert and security analyst, Taiwo Owolabi, confirmed that the stolen funds have been traced to a TRX wallet, with over eight hundred and forty seven million dollars’ worth of USDT already siphoned.

“CBEX was nothing more than a digital Ponzi scheme,” Owolabi said. “They created a weak but convincing website, offered fake AI trading activities, and displayed falsified account balances. In reality, there was no money in any user’s account.”

He explained that unsuspecting users made payments to TRX wallets operated by the syndicate.

These funds were immediately converted to USDT and moved to Ethereum addresses, making recovery nearly impossible.

CBEX allegedly used a fraudulent structure where withdrawals were funded from deposits by new users.

“It was a classic pyramid model built on greed,” Owolabi added.

To further deceive investors, the platform reportedly showcased fake withdrawal histories and promised instant payouts after users paid a “verification fee.”

The Securities and Exchange Commission has since issued a warning, reiterating its stance against Ponzi schemes and unregistered online forex platforms.

Under the new ISA 2025 Act, it is now a criminal offense to operate such platforms without SEC approval.

SEC Director General, Dr Emomotimi Agama, described the legislation as a bold move to restore investor confidence and enforce global best practices in Nigeria’s capital market.

For many victims, the financial damage is staggering, with little to no hope of recovery.

As CBEX’s operators remain at large, the scandal highlights the urgent need for financial literacy and regulatory oversight in the nation’s fast-evolving digital investment space.

The lesson is clear: not all that glitters in the crypto world is gold.

Business

SCUML Certificate Not a License, EFCC Clarifies Amid CBEX Scandal

Published

2 days ago

April 21, 2025

Samson Adeyanju

By Adenike Lawal

The Economic and Financial Crimes Commission (EFCC) has debunked claims suggesting that a SCUML certificate serves as a license or clearance for business operations, following growing confusion linked to the controversial CBEX investment scheme.

In a statement released on its official X platform, the anti-graft agency clarified that CBEX was never registered with the Special Control Unit Against Money Laundering (SCUML).

Instead, a different entity, ST Technologies, obtained the certificate—misleading many into believing CBEX was duly authorized.

“SCUML registration is a statutory requirement, not a business license or EFCC clearance,” the Commission emphasized, pointing to Section 17 of the Money Laundering (Prevention and Prohibition) Act of 2022.

The clarification comes after victims of the CBEX Ponzi scheme, including Lesley Kessy Oviritsa, said they were lured in by the platform’s Corporate Affairs Commission documents and SCUML certificate.

CBEX had also claimed a Securities and Exchange Commission license was forthcoming by May 2025, adding to its air of legitimacy.

The EFCC stressed that its role is to investigate and prosecute financial crimes, not to authorize business operations.

“We are not a clearing house for online ventures,” the statement said, but assured that action is being taken to secure justice for victims.

CBEX is under investigation for allegedly defrauding investors of over N1.3 trillion.

Law enforcement agencies, including INTERPOL, are tracking the masterminds behind what is fast becoming one of Nigeria’s largest financial scams.

Business

Taye Currency Loses ₦10 Million to CBEX Investment Scheme

Published

5 days ago

April 18, 2025

Samson Adeyanju

By Adenike Lawal

Veteran Fuji music star Alhaji Taye Adebisi, widely known as Taye Currency, has opened up about losing a staggering ₦10 million to Crypto Bridge Exchange, CBEX, a collapsed investment platform now under fire for alleged fraud.

Speaking emotionally during a live stage performance, the Fuji icon revealed that he was lured into the scheme by trusted associates who claimed to have made fast profits.

“On April first, Sodiq came to my house and mentioned that Lateef had invested and gained.

He also mentioned Alaba, Small London and Brother Muca. Even Brother Muca joined,” he told a stunned audience.

According to him, these friends flaunted impressive returns. One invested ₦1.2 million, another used ₦850,000, while Lateef reportedly turned ₦200,000 into ₦600,000.

Encouraged by their stories, Taye Currency withdrew ₦10 million from his insurance savings and invested.

“Everything vanished. Just like that,” he said bitterly.

Visibly upset, he cursed those who introduced him to CBEX. “If they die well, they will not rest well. I was minding my business before they dragged me into CBEX.”

CBEX is now at the centre of a major scandal after thousands of investors were locked out of their accounts, with balances wiped out. Reports suggest over ₦1.3 trillion has vanished in the crash.

The Securities and Exchange Commission has since disowned CBEX, warning that it is not licensed to operate in Nigeria and urging the public to avoid risky schemes promising unrealistic returns.

Taye Currency’s loss adds a human face to the growing tragedy, highlighting the dangers of unverified digital investments in a time of economic hardship.

Business

Reps to Celebs: Stop Promoting Fraud

Published

6 days ago

April 17, 2025

Samson Adeyanju

By Ifeoluwa Odunayo

The House of Representatives on Thursday warned public figures, celebrities, and influencers against endorsing unregistered investment schemes, following the collapse of a cryptocurrency platform, CBEX, that reportedly trapped over ₦1.3 trillion in investors’ funds.

In a statement issued by the House Spokesman, Rep. Akin Rotimi Jr., the lawmakers cited the newly enacted Investments and Securities Act (ISA) 2025, signed by President Bola Tinubu, which now criminalises ponzi schemes and imposes stricter penalties, including up to ten years imprisonment.

CBEX, which was not registered with the Securities and Exchange Commission (SEC), is under investigation, with the EFCC working alongside Interpol to track the perpetrators and recover funds.

The House urged Nigerians to verify investment offers with regulators, stressed the importance of financial literacy, and called on media, schools, and civil groups to support efforts to combat fraudulent schemes.

Public figures were reminded of their legal liability under the new law for promoting deceptive financial platforms.