Cbex Trading Platform Faces Collapse as Investors Report Funds Wiped Out

Ibadan, Nigeria – The Cbex trading platform is facing allegations of collapse as investors report their account balances have been reset to zero. This comes after concerns were raised days prior about withdrawal restrictions, with one investor claiming to have invested $313 from the sale of personal belongings.

Initially, some investors defended the platform, citing the withdrawal restrictions as a security measure and displaying their account balances as proof. However, recent reports indicate that balances have been wiped clean, with one investor sharing screenshots showing a drop from $180,000 to zero.

In response, angry investors reportedly stormed a Cbex office in Ibadan, looting valuables, including air conditioners and televisions. An X user suggested the office may have belonged to a Cbex promoter rather than the company itself.

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An analyst on X claimed that approximately ₦1,337,021,554,889.20 trillion ($822,852,811.66) was moved into a private ETH wallet as users’ funds disappeared. The platform has allegedly locked its Telegram channels and postponed withdrawals.

Further aggravating the situation, Cbex is now asking investors to pay additional verification fees of $200 for accounts over $1000 and $100 for those under $1000, a move analysts warn is a ploy to extract more funds from defrauded investors.