Nigerians on several social media platforms have raised alarm over the crash of popular cryptocurrency platform, CBEX, which promised a 100 percent return on investment within 30 days.
Concerns over the platform’s crash began spreading over the weekend when users complained that they were unable to withdraw their money. While some dismissed the claims, insisting that the platform was only temporarily locked and that withdrawals would resume today, April 15, a new communication from the firm has sparked fresh concerns over the authenticity of the exchange, with many influencers now calling it an outright scam.
In a vague statement on their X account, CBEX informed investors that “in order to ensure the authenticity of platform accounts and protect the fair rights of all members,” they are “conducting an authenticity verification of all accounts and arranging for fund compensation.”
The platform went on to instruct investors to deposit $100 to complete the verification process if the funds in their account are $1000 or below. Those with higher balances are asked to deposit $200 for verification.
The request for verification deposits comes amid reports that CBEX has allegedly swept over ₦1.3 trillion from investors’ accounts.
In an X Space organised by Trending X, Taiwo Owolabi, a cryptocurrency expert, claimed the stolen money had been moved to a TRX address (TDqSquXBgUCLYvYC4XZgrprLK589dkhSCf), adding that the total amount stolen in USDT is $847 million (₦1.2705 trillion).
Another crypto analyst, who preferred not to be named, told Neusroom that CBEX is a scam and that users with funds still on the platform may never recover their money.
“Never trust anything they tell you is risk-free,” he said.
Users on social media have also called out the platform as a scam.
“Say!!! otiloooo…. Some fools will still fall for this crap! Yeah I mean it because that was how IPC deceived investors to reinvest more money to release their own funds oooo, which was eventually wiped out,” — Prince, an X user.
Others raised concern over the platform’s verification demands.
“I have one question — what were the basic and advanced verification steps for? I completed my verification using my international passport, which was successfully authenticated. So why am I being asked to pay $200 just to withdraw my funds? It doesn’t make any sense,” — Another user.
I have one question what were the basic and advanced verification steps for? I completed my verification using my international passport, which was successfully authenticated. So why am I being asked to pay $200 just to withdraw my funds? It doesn’t make any sense.
On its X page, CBEX describes itself as “the leading crypto exchange that helps you trade crypto with 99.9% accuracy using AI technology.”
However, the reality in the cryptocurrency market — like other investment opportunities — is far from guaranteed. In the past month, the market has fluctuated, and the promise of earning 100 percent returns is highly unrealistic.
