According to ChainCatcher and CryptoSlate, the Nigerian digital asset trading platform CBEX has been exposed as a Ponzi scheme, causing significant financial losses for many investors. Although local media initially reported losses of 1.3 trillion naira (approximately $800 million), analysts point out that the address is actually a Binance hot wallet, and the actual losses may be closer to $12 million.
CBEX claims to be the "China Beijing Equity Exchange" but has no connection to the official Chinese institution. The platform promised 30-day returns with AI quantitative strategies, attracting numerous investors and requiring referral commissions, which is a typical Ponzi structure. The project was even promoted as a "poverty alleviation scheme" on Nigerian national media, further misleading users.
In April 2025, CBEX suddenly froze accounts, preventing users from withdrawing funds, which sparked widespread anger. Some investors surrounded its offices in Ibadan and Lagos, and many victims shared their loss experiences on social platforms.
Independent analyst Specter noted that CBEX is linked to similar scams like LWEX and PCEX, potentially sharing website infrastructure and fund flow patterns. Related wallets are also connected to the Southeast Asian payment system Huione Pay, which Elliptic has identified as a major hub for money laundering and telecommunications fraud, involving over $24 billion in suspicious transactions.
