Thousands of Nigerian investors have been left devastated after the China Beijing Equity Exchange (CBEX), a popular digital trading platform, crashed on Monday, April 14, resulting in reported losses of over ₦1.3 trillion.
The crash triggered a wave of outrage on social media platforms, particularly X (formerly Twitter) and TikTok, as affected users shared heartbreaking stories of losing life savings, loans, and entire business capital.
The tension escalated on Tuesday when angry investors stormed CBEX’s office in the Oke Ado area of Ibadan, Oyo State, looting electronics, furniture, and other valuables in retaliation.
What We Know About CBEX:
1.CBEX claimed to offer 100% profit in 30 days by trading digital assets, promoting itself as a secure and transparent platform. However, the company was not registered with Nigeria’s Securities and Exchange Commission (SEC).
2.The platform reportedly attracted over 300,000 users, primarily Nigerians. CBEX’s CEO, Yahaya Ibrahim, had claimed the platform was a registered Canadian crypto exchange, but no evidence has confirmed this, and its operations appeared Nigeria-focused.
3,Issues began around April 9, when users experienced withdrawal failures and vanishing funds. CBEX blamed the problem on a “security breach” and controversially demanded users make additional deposits for “verification” before accessing their funds.
4.Over $840 million (₦1.3 trillion) is believed to have been stolen. Security analyst Taiwo Owolabi traced the stolen USDT to a TRX wallet address (TDqSquXBgUCLYvYC4XZgrprLK589dkhSCf), with ongoing concerns that the amount may increase.
5.The SEC has issued multiple warnings against investing in unregistered platforms like CBEX. Under the Investment and Securities Act (ISA) 2025, it is now a criminal offence in Nigeria for any company to operate an online forex or crypto trading platform without SEC registration.
“By virtue of this Act, it is an offence in Nigeria for any entity that is not registered by the Commission to carry out the business of online foreign exchange trading platforms or related services,” the SEC said in a recent statement.
Authorities are yet to confirm whether any arrests have been made in connection with the platform’s collapse, as investigations continue.
