A digital asset platform called CBEX has collapsed, leaving thousands of Nigerians and Kenyans in shock after losing over $800 million in what investigators describe as a well-planned Ponzi scheme.
CBEX promised investors a 100% return in just 30 days, a bait that pulled in many struggling with the harsh economic reality in both countries. The platform operated like a typical scam: offering big profits, gaining trust, and then vanishing with investors’ money.
Trouble started in early April 2025 when CBEX suddenly blocked withdrawals, shut down its official Telegram group, and began asking users to pay a fake “verification fee” of $100–$200 to get back their money. Many people took to social media, crying out for help and warning others.
An investor said that he was ready to pull out his funds but was convinced to wait. Now, he says, his money is gone. In Ibadan, angry victims stormed a CBEX office, demanding answers.
Investigators believe CBEX never actually gave users access to any digital assets. The money people deposited vanished almost immediately, suggesting they were only seeing fake balances on their accounts. The losses are estimated at over 1.3 trillion naira.
Cyber analyst Specter released findings on social media platform X, showing how CBEX used the TRON blockchain to move money through hidden wallets. These funds were later converted to stablecoins like USDT and USDD and transferred to big exchanges such as OKX, Bitget, and HTX. One wallet alone received $3.2 million.
CBEX was also linked to Huione Pay — a money laundering network in Southeast Asia. Its website reportedly used templates designed by Kehon8, a Telegram user with over 145,000 followers.
The report also named Nigerian Telegram admin Victor Aiguosatile Osamwende as one of the promoters. He was accused of threatening victims after the platform collapsed. In addition, CBEX had connections with another shady platform called LWEX, which targeted victims in Europe.
Even more worrying, personal identification documents submitted during registration (KYC) might have been leaked to the darknet.
Experts are now comparing CBEX to MMM, the infamous scam that cost Nigerians billions in 2016. Despite warnings, many joined CBEX hoping to make quick profits. Most walked away empty-handed.
