CBEX Scam Rocks Nigeria and Kenya, Leaves Thousands Broke

The platform attracted thousands by offering returns of 100% in just 30 days. Many joined, hoping to escape financial struggles. But behind the promises was a trap.

In early April 2025, CBEX suddenly collapsed. It shut its Telegram group, blocked withdrawals, and asked users for a $100–$200 “verification” fee to access their funds. Most people never saw their money again.

According to The Nation Online, deposits vanished almost instantly. Angry investors stormed a CBEX office in Ibadan, while others shared their frustrations on social media. Tearful videos and warnings quickly spread online.

Reports estimate the total damage at over $800 million. The case is now being compared to the infamous MMM scheme that hit Nigeria in 2016.

Independent crypto investigator Specter traced CBEX’s operations using blockchain data. The funds were moved through the TRON network, converted to USDT and USDD, then transferred to big exchanges like OKX and Bitget.

Specter’s report also linked CBEX to Southeast Asia’s money laundering network Huione Pay and exposed several Nigerian Telegram admins involved in promoting the scam.

To make matters worse, some users’ personal data may have leaked to the darknet. Authorities are now under pressure to act fast, as victims call for justice.