Scores of aggrieved users stormed the Ikeja office of digital asset trading platform, CBEX, on Friday, demanding answers following fears that the platform may have crashed.
The growing tension comes amid widespread concerns on X (formerly Twitter) that CBEX might be operating as a Ponzi scheme. While some users are crying foul over frozen funds, others remain hopeful that the situation will soon stabilize.
The CBEX scare genesis
On Wednesday, popular user Man of Letters (@Letter_to_Jack) raised eyebrows with a cautionary post detailing the experience of a user who invested $1,000 and reportedly withdrew $5,000 from CBEX.
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“Having done all my checks, the platform flies all the flags of a Ponzi scheme,” he wrote. “People are cashing out steady with no losses. You know what that means? Easter, Ileya or Xmas.”
He added, “For those who don’t understand, what I’m telling you is the crash is imminent; it’s better to use your money to play bet than to go into this. It’s at best a zero-sum game. You will cry.”
The tweet quickly went viral, sparking heated debates on X. While some users interpreted it as a genuine warning, others misread it as an endorsement and rushed to invest.
Panic as withdrawals stall
By Friday, CBEX became a trending topic on X, with some users declaring the platform dead. Influencer @poojamedia tweeted:
“Cbex is gone? RIP to all withdrawals.”
Fears escalated as multiple users reported being unable to withdraw their funds, leading to growing anxiety and, eventually, physical protests at CBEX’s Ikeja office.
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Despite the panic, some users are standing by the platform. @BlessedAjoke tweeted in defence:
“Cbex is still working perfectly just that you can’t withdraw until 15th of April. You people should stop spreading fake news. Stop giving people heart attack nah.”
Skeptics and believers war with words
User aust;n (@0kparam) lashed out at critics celebrating the platform’s perceived collapse.
“Y’all are acting like cbex crashing makes you financial sages. Nah, it just makes you bitter haters… Ponzi, yen yen yen. Just stfu coward.”
On the other side, users like Mazi Nathan (@rukky_nate) pointed out the risks of ignoring red flags.
“MMM was a global Ponzi scheme that later crashed. Rackstelli was a local Ponzi scheme that also later crashed. CBEX had all the hallmarks of a Ponzi scheme but Nigerians are just too greedy with short-term memories,” he warned.
CBEX denies collapse, offers hope
Through its official X handle, @cbextrades, the platform continued to assure users that operations were ongoing and stable.
“Today, the instructors from the Abeokuta office went outside the office, actively going door-to-door to promote the project and encourage people to participate in this great initiative,” one post read.
“CBEX can never crash at all. We will forever stand strong. Don’t panic at all. Only those who haven’t been with us for long will panic and lose hope.”
Another post stated:
“Everyone should remain vigilant, avoid clicking on unfamiliar links, and never share your account password or verification code with others to prevent scammers from taking advantage.”
And a final assurance added:
“We aren’t running away with nobody’s money. Everything is in order. Cbex exchange will forever stand.”
What’s next for CBEX?
Despite CBEX’s attempts to manage the crisis, the uncertainty has left many users worried. With funds still inaccessible and the platform’s long-term viability in question, Nigerians are waiting for April 15 when the supposed date when withdrawals will resume, to see if their hopes or fears will be confirmed.
This is a régurgitation of every other news article. Where is the originality in the Nigerian media?