Nigeria exposes CBEX Ponzi scheme, involving tens of millions of dollars

Planet Daily News: 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 up to 1.3 trillion naira (approximately $800 million), analysts pointed out that the address is actually a Binance hot wallet, and the actual losses may be closer to $12 million. CBEX claims to be "China Beijing Equity Exchange" but has no connection to the official Chinese institution. The platform attracted investors by promising AI quantitative strategies with 30-day double returns and 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 outrage. 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 associated with similar scams like LWEX and PCEX, potentially sharing website infrastructure and fund flow patterns. Related wallets are also linked to the Southeast Asian payment system Huione Pay, which Elliptic has identified as a major hub for money laundering and telecommunications fraud, involving suspicious transactions exceeding $24 billion. (CryptoSlate)