By Habeeb Ibrahim
Less than 48 hours after journalist Chukwudi Iwuchukwu publicly raised the alarm over the operations of digital asset platform CBEX, users have begun reporting frozen withdrawals and fears of a total collapse.
Iwuchukwu, in a viral post, described CBEX as a “Chinese Ponzi scheme” and revealed that some Nigerians have life-altering sums trapped. “Someone has $68,000 locked inside and he has been inconsolable since then,” he wrote.
Despite growing fears, photos shared online showed CBEX’s Ikeja office still bustling with activity on Friday afternoon. “To know we have this number of gullible people in my country is worrying,” he added.
The controversy began earlier in the week after X user Man of Letters (@Letter_to_Jack) questioned the platform’s legitimacy, citing a case where someone allegedly turned $1,000 into $5,000 within a short period, without incurring losses.
“Having done all my checks, the platform flies all the flags of a Ponzi scheme,” he warned. “The crash is imminent. It’s better to use your money to play bet than to go into this.”
His tweet, however, sparked confusion, with some interpreting it as indirect promotion.
Despite growing skepticism, CBEX’s official X account, @cbextrades, has remained defiant, posting a string of reassuring messages:
“CBEX can never crash at all. We will forever stand strong. Don’t panic.
“We aren’t running away with nobody’s money. Everything is in order.
“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. @cbextrades”
However, users are telling a different story.
Ajoke (@BlessedAjoke), a vocal defender, insisted: “CBEX is still working perfectly; you just can’t withdraw until 15th of April. Stop spreading fake news.”
Others were far less optimistic. Mazi Nathan (@rukky_nate) compared CBEX to notorious collapsed schemes like MMM and RackSterli, calling out what he described as recurring national gullibility.
“CBEX had all the hallmarks of a Ponzi scheme,” he wrote. “But Nigerians are just too greedy with short-term memories.”
The Economic and Financial Crimes Commission (EFCC) recently warned against 58 unregistered investment platforms, although it’s unclear if CBEX was among those flagged.
With April 15 being touted by defenders as the date withdrawals will resume, all eyes are on CBEX to prove it’s not just another Ponzi scheme feeding on hope and desperation.
