{"id":159597,"date":"2025-04-15T23:37:21","date_gmt":"2025-04-15T22:37:21","guid":{"rendered":"https:\/\/www.africa-press.net\/nigeria\/uncategorized\/cbex-nigerians-lose-n1-3tn-as-digital-trading-platform-crashes"},"modified":"2025-04-16T20:14:04","modified_gmt":"2025-04-16T19:14:04","slug":"cbex-nigerians-lose-n1-3tn-as-digital-trading-platform-crashes","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/nigeria\/economy\/cbex-nigerians-lose-n1-3tn-as-digital-trading-platform-crashes","title":{"rendered":"CBEX: Nigerians lose N1.3tn as digital trading platform crashes"},"content":{"rendered":"<p><span style=\"color: #ff6600\"><strong>Africa-Press &#8211; Nigeria. <\/strong><\/span>Nigerians took to their various social media platforms to lament their losses after a digital asset trading platform, known as CBEX, allegedly swept over N1.3 trillion from investors\u2019 accounts on Monday.<\/p>\n<p>This comes as CBEX, operating without legal approval from the Nigeria Securities Commission, crashed on Monday after the money in their investors\u2019 wallets vanished.<\/p>\n<p>The digital platform also locked its Telegram channels and postponed withdrawals while offering investors the option of $2,000 for $200 verification and $1,000 for $100 verification.<\/p>\n<p>The development has sparked condemnations from Nigerians on X.<\/p>\n<p>Explaining the CBEX crash, cryptocurrency expert and security analyst Taiwo Owolabi said the total volume of stolen investors\u2019 funds so far in USDT is $847 million and likely to increase.<\/p>\n<p>Owolabi questioned why Nigerians would invest their money in a digital platform that is unregistered by the SEC with the promise of a 100 percent return on investment.<\/p>\n<p>\u201cThey designed the weak website to convince people in the future that it was a security breach that affected them. Apparently, when you make payments, you pay them into a TRX account, and then, immediately, they move it from that TRX wallet, gather it, convert it to USDT, and then to ETH. So, when you are logging into your account, there is literally no money on your profile.<\/p>\n<p>\u201cWhat you see are just numbers. All the daily activities you do to \u2018trade\u2019 increase your money. All the AI trading is fake. When it\u2019s time for withdrawal, they will send you another person\u2019s money,\u201d Owolabi explained on an X space.<\/p>\n<p>Similarly, Steve Fred, a user on X, wrote on Tuesday:<\/p>\n<p>\u201cAre we not just fantastically stupid in Nigeria?<\/p>\n<p>\u201cNigerians are as gullible as their leaders. How many times will they be scammed before they have sense?<\/p>\n<p>\u201cHow can a company like \u2018CBEX\u2019 just appear from thin air and promise you 100 percent ROI in 1 month, and you begin to invest?\u201d<\/p>\n<p>Another user, known on X as Oku, reacting to the CBEX crash, said:<\/p>\n<p>\u201cThe smaller the profit, the more I TRUST YOU.<\/p>\n<p>\u201cYou have no business doing a business that promises you 50 percent to 100 percent ROI.\u201d<\/p>\n<p>The development comes after the SEC recently warned Nigerians to stay clear of unregistered trading platforms.<\/p>\n<p>The SEC particularly pointed out that, in accordance with the ISA 2025 recently signed by President Bola Tinubu, it is now an offense for any entity to operate an online forex trading platform or provide related services without prior registration with the commission.<\/p>\n<p>\u201cBy virtue of this act, it is an offense in Nigeria for any entity that is not registered by the commission to carry out the business of online foreign exchange trading platforms or related services.<\/p>\n<p>\u201cAny business entity planning to set up a business in any of these areas is advised to visit the HOD DRM Department of the commission for further direction on how to register with the commission to avoid sanctions,\u201d it added.<\/p>\n<p><strong>For More News And Analysis About <span style=\"color: #ff6600\">Nigeria<\/span> Follow <span style=\"color: #ff6600\">Africa-Press<\/span><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Africa-Press &#8211; Nigeria. Nigerians took to their various social media platforms to lament their losses after a digital asset trading platform, known as CBEX, allegedly swept over N1.3 trillion from investors\u2019 accounts on Monday. This comes as CBEX, operating without legal approval from the Nigeria Securities Commission, crashed on Monday after the money in their [&hellip;]<\/p>\n","protected":false},"author":84,"featured_media":159596,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,15],"tags":[16893,254],"class_list":["post-159597","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-cbex","tag-nigeria"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.1 (Yoast SEO v27.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>CBEX: Nigerians lose N1.3tn as digital trading platform crashes - Nigeria<\/title>\n<meta name=\"description\" content=\"Nigerians took to their various social media platforms to lament their losses after a digital asset trading platform, kn ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/nigeria\/economy\/cbex-nigerians-lose-n1-3tn-as-digital-trading-platform-crashes\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CBEX: Nigerians lose N1.3tn as digital trading platform crashes\" \/>\n<meta property=\"og:description\" content=\"Nigerians took to their various social media platforms to lament their losses after a digital asset trading platform, kn ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/nigeria\/economy\/cbex-nigerians-lose-n1-3tn-as-digital-trading-platform-crashes\" \/>\n<meta property=\"og:site_name\" content=\"Nigeria\" \/>\n<meta property=\"article:published_time\" content=\"2025-04-15T22:37:21+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-04-16T19:14:04+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2025\/04\/sm_1744747982.148422.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"768\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/cbex-nigerians-lose-n1-3tn-as-digital-trading-platform-crashes#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/cbex-nigerians-lose-n1-3tn-as-digital-trading-platform-crashes\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"CBEX: Nigerians lose N1.3tn as digital trading platform crashes\",\"datePublished\":\"2025-04-15T22:37:21+00:00\",\"dateModified\":\"2025-04-16T19:14:04+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/cbex-nigerians-lose-n1-3tn-as-digital-trading-platform-crashes\"},\"wordCount\":503,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/cbex-nigerians-lose-n1-3tn-as-digital-trading-platform-crashes#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2025\/04\/sm_1744747982.148422.jpg\",\"keywords\":[\"CBEX\",\"Nigeria\"],\"articleSection\":[\"all news\",\"Economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/nigeria\/economy\/cbex-nigerians-lose-n1-3tn-as-digital-trading-platform-crashes#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/cbex-nigerians-lose-n1-3tn-as-digital-trading-platform-crashes\",\"url\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/cbex-nigerians-lose-n1-3tn-as-digital-trading-platform-crashes\",\"name\":\"CBEX: Nigerians lose N1.3tn as digital trading platform crashes - 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