A wave of outrage has swept across Nigerian social media following the reported collapse of CryptoBridge Exchange (CBEX), a forex trading platform that allegedly siphoned off over N1.3 trillion from investors’ accounts.
The platform, which promised a 100% return on investment within 30 days, had attracted thousands of Nigerians with its dollar-denominated investment scheme. CBEX claimed legitimacy by showcasing a supposed U.S. trading license and operating offices in South Korea, Hong Kong, and other locations.
For months, CBEX capitalised on social media buzz and glowing testimonials to lure new investors. Many Nigerians initially received returns, which encouraged others to join the scheme. However, the platform gradually started experiencing delays in withdrawals, blaming them on system upgrades and network issues.
Eventually, users began reporting that their account balances had been reduced to zero—a sign that the scheme had likely collapsed. As panic spread, devastated investors took to platforms like TikTok and X to share their heartbreak and financial losses.
One TikTok user, @tees_supplierinlagos, posted a tearful video recounting how she lost N10 million. Another user on X, @ezeh_pat, lamented the recurring pattern of Ponzi schemes in Nigeria, stating, “CBEX has crashed, another Ponzi bites the dust.”
Many shared similar stories of family members and friends being dragged into the scheme by initial investors who believed in the promise of fast wealth. A nurse reportedly lost her opportunity to travel abroad after investing alongside her husband and nine siblings.
In the wake of the uproar, CBEX reportedly locked its Telegram account and informed investors they would need to pay a verification fee to unlock their funds—a move widely criticised as a second attempt to defraud victims. Despite warnings, some desperate investors considered paying the $200 or $100 fee to recover their money.
CBEX now joins a growing list of collapsed Ponzi platforms in Nigeria, including MMM and Racksterli. While some blame victims for being driven by greed, others argue that Nigeria’s economic hardship has made citizens more vulnerable to such deceptive schemes.