Many Nigerians are currently in distress after CBEX, a digital asset trading platform owned by the Chinese, abruptly crashed on Friday.
Before the crash, an X user, Man of Letters (@Letter_to_Jack), on Wednesday, warned after learning about an individual who reportedly invested $1,000 in the scheme and had since withdrawn $5,000.
After reviewing the platform, he expressed serious doubts about its legitimacy.
“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.”
Though, this is coming amid withdrawal issues and mounting skepticism as CBEX’s future hangs in the balance.
Similarly, on Friday, social media influencer @poojamedia tweeted:
“Cbex is gone? RIP to all withdrawals.”
The posts quickly went viral, sparking mixed reactions. Some interpreted them as warnings and urged others to exit the platform before a potential collapse.
Others, however, saw it as an endorsement and rushed to invest, hoping to make quick gains before any downturn.
Reports soon emerged that CBEX had halted withdrawals, intensifying fears that the platform had crashed.
Users with funds trapped in the system voiced panic and frustration over their inability to access their money.
Despite the growing unease, CBEX loyalists pushed back. User @BlessedAjoke claimed that withdrawals were only paused until 15 April, dismissing rumours of a collapse as “fake news.”
Others, like @0kparam, criticised the sceptics, accusing them of spreading negativity and envy.
CBEX, through its official X account @cbextrades, denied the platform was shutting down and attempted to reassure users:
“Being scared can’t solve any problem. We are here to eradicate poverty. We stay here forever. Stop believing random fallacies spreading around. Stay safe. Important announcement coming soon. Follow our official account for updates and bonuses.”
