CBEX, a self-proclaimed digital asset trading platform, has collapsed in what is now one of the largest financial scams in African crypto history. Promising unrealistic returns of up to 100% in just 30 days, CBEX attracted thousands of investors across Nigeria and Kenya, exploiting local economic struggles and financial desperation.

The Collapse: Ponzi Promises Fall Apart

In early April 2025, CBEX suddenly disabled withdrawals, shut down its Telegram group, and demanded a final “verification fee” of $100–$200 for users to “recover” their funds — a common exit scam tactic.

The scam echoes Nigeria’s infamous MMM pyramid scheme from 2016, but on a larger, more digital scale. According to The Nation Online, over ₦1.3 trillion ($800 million) may have been stolen.

Victims across Nigeria have taken to social media to express their outrage. In Ibadan, angry investors stormed the local CBEX office. Others posted heartbreaking videos online.

“I was ready to withdraw all my investment just last week but my friend told me to be patient — and now it’s all gone,” one victim told the BBC.

How the CBEX Ponzi Worked

Independent crypto investigator Specter exposed CBEX’s mechanics in a viral X thread.

According to the report:

  • CBEX used the TRON blockchain to move users' deposits through a series of anonymous wallets.
  • Deposits were converted to USDT or USDD, then funneled to exchanges like OKX, Bitget, and HTX.
  • A unique wallet was generated for every user, but the funds were quickly swept away, leaving investors with no real access to their money.
  • TRON "Energy" was used to cut transaction fees, indicating an intentional and efficient siphoning operation.

Specter tracked:

  • A wallet with $3.2 million, now holding just $353K.
  • Another with $1.9 million, all linked to suspicious movements through multiple exchanges.

CBEX's reach may extend beyond West Africa. Investigators uncovered:

  • Ties to Huione Pay, a known money laundering network operating in Southeast Asia.
  • Use of scam website templates built by Kehon8, a Telegram developer with 145K followers.
  • A clone of CBEX, called LWEX, has already surfaced in Slovakia and Hungary, using an identical interface.

Worse still, there are reports that CBEX’s user KYC data may have leaked to the darknet, exposing victims to further identity theft risks.

Promoters, Threats, and the Aftermath

One of the central figures named in the scheme is Victor Aiguosatile Osamwende, a Nigerian Telegram admin who promoted CBEX and allegedly threatened victims after the platform’s collapse.

Though suspicions had long swirled around CBEX’s legitimacy, many joined in hopes of “getting in early.” Like most Ponzi schemes, early adopters were paid with funds from later victims — until the entire operation inevitably imploded.

What’s Next for Victims?

As the dust settles, thousands of victims are left with nothing and authorities are under pressure to respond. Investigations may unfold across multiple jurisdictions, and pressure is mounting on exchanges like OKX and Bitget (native token - BGB) to cooperate with tracing efforts.

For now, CBEX serves as yet another harsh reminder:

If it sounds too good to be true in crypto — it usually is.
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