Investors loot CBEX office in Ibadan after losing access to funds
Panic turned to rage in Ibadan on Monday evening as aggrieved investors stormed and looted the office of Smart Treasure (ST Team), a subsidiary of the controversial CBEX crypto trading platform. The incident occurred in the Oke Ado area of the Oyo State capital, following reports of users losing access to their funds.
Multiple videos circulating on social media show furious individuals forcing their way into the company’s premises and making off with office equipment, including air conditioners and furniture, as tensions boiled over.
While the Oyo State Police Command has yet to issue an official statement, sources confirm the attack came just days after CBEX investors began reporting difficulties in withdrawing their funds—despite the platform’s bold promise of 100% returns on investment.
Trouble reportedly started over the weekend, with complaints flooding social media platform X (formerly Twitter) by Saturday. By Monday, the situation had escalated dramatically.
In a bid to calm investors, CBEX released a video on its X page urging users not to panic and promising technical updates. But this did little to quell the growing unrest.
Following the looting, CBEX announced a new verification process for affected users—one that quickly drew widespread criticism. According to the platform, users must deposit additional funds—$100 for accounts with balances under $1,000 and $200 for those above—to qualify for compensation.
“Save your deposit proof,” the company urged. “All withdrawal applications will be suspended until April 17, 23:59 UK time. Once the compensation concludes, verified accounts meeting the trading volume requirements can withdraw normally.”
CBEX added that verified users would receive compensation within 24 hours, while accounts failing to verify by the April 17 deadline would be deemed “fraudulent and permanently banned.”
The incident comes just weeks after Nigeria’s Economic and Financial Crimes Commission (EFCC) issued a public warning against 58 suspected Ponzi schemes, including CBEX-style operations. The newly enacted Investments and Securities Act (ISA) 2025—signed into law by President Bola Tinubu—imposes strict penalties on illegal investment operators, including fines of up to N20 million, a decade in prison, or both.
