Nigerian trading platform CBEX was exposed as a Ponzi scheme, with a total loss of nearly $12 million

According to CryptoSlate on April 16th, the Nigerian digital asset trading platform CBEX has been exposed as a Ponzi scheme, causing massive losses for investors. Independent crypto analyst Specter conservatively estimates the total losses at nearly $12 million. The CBEX platform claimed to use AI quantitative strategies, promising a 100% return in 30 days, attracting numerous investors and requiring them to expand new customers for commissions, which is essentially a typical Ponzi structure. The project was even promoted as a "poverty alleviation scheme" in national media, further misleading users. This month, CBEX suddenly froze user accounts, preventing withdrawals, leading some investors to blockade its offices in Ibadan and Lagos, while many victims publicly exposed the platform on social media. Independent analyst Specter pointed out that CBEX is associated with similar scams LWEX and PCEX, seemingly sharing website architecture 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 over $24 billion in suspicious transactions.