{"id":64306,"date":"2025-04-15T13:40:36","date_gmt":"2025-04-15T13:40:36","guid":{"rendered":"https:\/\/abujacityjournal.com\/livenews\/?p=64306"},"modified":"2025-04-15T13:40:36","modified_gmt":"2025-04-15T13:40:36","slug":"panic-as-cbex-reportedly-disappears-with-over-n1-3-trillion","status":"publish","type":"post","link":"https:\/\/abujacityjournal.com\/livenews\/2025\/04\/15\/panic-as-cbex-reportedly-disappears-with-over-n1-3-trillion\/","title":{"rendered":"Panic as CBEX Reportedly Disappears with Over N1.3 Trillion"},"content":{"rendered":"

By Patrick Idowu<\/strong><\/em><\/p>\n

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\u2019 funds.<\/p>\n

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.<\/p>\n

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\u2019 worth of USDT already siphoned.<\/p>\n

\u201cCBEX was nothing more than a digital Ponzi scheme,\u201d Owolabi said. \u201cThey 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\u2019s account.\u201d<\/p>\n

He explained that unsuspecting users made payments to TRX wallets operated by the syndicate.<\/p>\n

These funds were immediately converted to USDT and moved to Ethereum addresses, making recovery nearly impossible.<\/p>\n

CBEX allegedly used a fraudulent structure where withdrawals were funded from deposits by new users.<\/p>\n

\u201cIt was a classic pyramid model built on greed,\u201d Owolabi added.<\/p>\n

To further deceive investors, the platform reportedly showcased fake withdrawal histories and promised instant payouts after users paid a \u201cverification fee.\u201d<\/p>\n

The Securities and Exchange Commission has since issued a warning, reiterating its stance against Ponzi schemes and unregistered online forex platforms.<\/p>\n

Under the new ISA 2025 Act, it is now a criminal offense to operate such platforms without SEC approval.<\/p>\n

SEC Director General, Dr Emomotimi Agama, described the legislation as a bold move to restore investor confidence and enforce global best practices in Nigeria\u2019s capital market.<\/p>\n

For many victims, the financial damage is staggering, with little to no hope of recovery.<\/p>\n

As CBEX\u2019s operators remain at large, the scandal highlights the urgent need for financial literacy and regulatory oversight in the nation\u2019s fast-evolving digital investment space.<\/p>\n

The lesson is clear: not all that glitters in the crypto world is gold.<\/p>\n","protected":false},"excerpt":{"rendered":"

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\u2019 funds. The platform, which promised investors a one hundred percent return on investment within thirty days, mysteriously went offline on […]<\/p>\n","protected":false},"author":29,"featured_media":64307,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173],"tags":[],"class_list":["post-64306","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"aioseo_notices":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/64306","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/users\/29"}],"replies":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/comments?post=64306"}],"version-history":[{"count":1,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/64306\/revisions"}],"predecessor-version":[{"id":64308,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/64306\/revisions\/64308"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media\/64307"}],"wp:attachment":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media?parent=64306"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/categories?post=64306"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/tags?post=64306"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}