CBEX crisis deepens: Nigeria investors rush to verify accounts, ignores warning

In a shocking development, Nigerian investors on the CBEX platform have begun making extra deposits after the platform demanded account verification by April 17, 2025.

This is coming after CBEX issued a message via it’s telegram platform warning users that, failure to verify accounts would lead to permanent loss of funds.

The platform urged users to deposit either $100 or $200, depending on their previous wallet balances, for verification.

According to CBEX, accounts with under $1,000 require a $100 deposit, while others must pay $200 for validation.

CBEX instructed users to keep receipts as proof for future withdrawals or verification procedures.

Social media erupted in anger after many users noticed that their CBEX wallets had reverted to a $0.00 balance.

One victim, a student, said she invested N480,000 meant for tuition, only to find her balance wiped out.

Another investor, Ub Edem Uman, went viral for predicting in March that CBEX would eventually collapse.

X user (formerly twitter) @NdFrek warned investors, stating CBEX showed signs of a Ponzi scheme in its final crash phase.

He noted the first step is withdrawal restriction, followed by demanding new deposits, then sudden platform shutdown.

Despite warnings, updates on X confirmed some Nigerians are now making verification deposits in desperation.

A recent post on X read: “Nigerians have begun paying $100 or $200 for CBEX account verification before April 17 deadline.”

Users online referred to the move as “final cashout,” “second billing,” and “sendoff payment to CBEX.”

Another user described it as a “rob Peter to pay Paul” tactic often used in collapsing Ponzi schemes.

Legal analyst Timi Agbaje blamed victims for investing in a platform unregistered with the Securities and Exchange Commission.

He criticized get-rich-quick attitudes, saying “many want to use shortcuts to become the next Bill Gates.”

Meanwhile, Diaspora Digital Media(DDM) reported that President Bola Tinubu has recently signed the Investments and Securities Act 2025 into law.

The Act bans unregistered online forex and investment platforms from operating in Nigeria.

The Securities and Exchange commission (SEC) has urged Nigerians to only invest in regulated financial institutions to avoid further losses.

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