There was pandemonium at the Ibadan office of CBEX, a digital asset trading platform, after its sudden collapse left thousands of users with empty accounts.
The platform, which had promised investors 100% returns within a month, reportedly shut down operations last week, sparking outrage both online and offline.
It was reported that angry investors stormed the office, looting furniture and equipment in a show of frustration. A viral video circulating on social media shows a large crowd ransacking the premises, while online users decried the platform’s alleged fraud.
CBEX allegedly moved over $822 million (1.3 trillion) into a private cryptocurrency wallet just days after suspending withdrawals. In a controversial move, the platform is now demanding additional “verification fees” from users-despite locking its Telegram channels and halting all communications.
The company, which is not registered with the Securities and Exchange Commission (SEC), had previously come under scrutiny. The SEC had warned Nigerians against investing in unlicensed platforms like CBEX, labeling them illegal.
As of press time, authorities have not issued an official statement or confirmed any arrests related to the incident.
