Digital asset platform CBEX has finally responded to days of intense speculation and user panic, releasing a video statement on Saturday, April 12, aimed at quelling fears and addressing concerns surrounding its operations.
In the video posted to its official X (formerly Twitter) account with the caption “CBEX is here to stay”, the crypto trading company acknowledged that recent changes on the platform had sparked confusion and anxiety among users, especially regarding stalled withdrawals and communication gaps.
“Hello, ST family. We trust all is well. We understand that recent changes to our platform may have caused concern for some of you,” a representative said in the video. “We’d like to take a moment to address these concerns and provide much needed clarity.”
The company admitted that a lack of clear and accessible updates contributed to the public panic. While they claimed to have consistently posted announcements in Telegram groups—including updates about signal launches, Sunday bonuses, and Asian market expansion—they recognized that not all users read or understood these messages.
Read also: CBEX crash fears: Nigerians cry foul, rush to company office amid withdrawal freeze
“The feedback we’ve received shows that many people simply miss the updates. That’s why we’re here to simplify everything and reassure you that we remain fully committed to your success,” the speaker said.
CBEX also emphasized its long-standing impact on users’ lives, citing testimonials of financial success like home ownership and business launches. “Over the years, many of you have bought cars, built homes, started businesses, and transformed the lives of your loved ones,” they said, adding, “This is just the beginning.”
Looking ahead, the company promised to roll out communication improvements along with platform upgrades. “Yes, changes are coming. Yes, updates will be made, but there’s no need to panic,” they concluded.
Meanwhile, CBEX appears to be going about their activities as usual, as the company has been posting its philanthropic works on social media in the past 24 hours.
Background: Ponzi Fears and Rising Tension
The update follows a turbulent week marked by allegations that CBEX may be operating as a Ponzi scheme. The controversy gained traction after popular X user @Letter_to_Jack raised alarm over someone who turned a $1,000 investment into $5,000, calling the platform’s model “too good to be true.”
“People are cashing out steady with no losses. You know what that means? Easter, Ileya or Xmas,” he wrote, implying a collapse was imminent.
By Friday, April 11, scores of users reportedly stormed the company’s Ikeja office demanding answers after facing withdrawal issues. CBEX’s X handle had denied any collapse, insisting the platform was still functional and that withdrawals would resume by April 15.
With this latest video statement, CBEX aims to restore calm—but many Nigerians online remain skeptical.