On Tuesday, the digital investment platform CBEX suddenly collapsed, with reports indicating that investors incurred losses amounting to over N1.3 trillion.
The incident has sparked a wide range of reactions, with users expressing frustration, criticism, and concern.
Many stormed the CBEX office in Oyo State to destroy their belongings. CBEX claimed to be a global platform and was said to be linked to a government-owned business in China. However, Beijing Equity Exchange, in a statement released in 2024, denied any affiliation with the Ponzi scheme.
In reality, the genuine Beijing Equity Exchange had no connection with CBEX and even warned people about the theft of its name.
CBEX emerged in Nigeria around July 2024, with a rented office in Ibadan, Oyo State. This was designed to give the impression that it was a serious company with a physical headquarters.
#cbex #ponzi
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