“Nigerians are attracted to quick money," Reactions trail CBEX ponzi scheme crash

• CBEX, a digital trading platform allegedly transferred over $822 million into an untraceable private Ethereum wallet, leaving investors with substantial losses estimated at ₦1.3 trillion
• The platform demanded additional payments for verification, ranging from $100 to $200, further compounding investors' distress
• Netizens weighed in on the collapse, with some criticising victims for seeking quick money, while others empathise, citing economic hardships and survival struggles 

The collapse of the CBEX Ponzi scheme has ignited widespread outrage and despair across Nigeria, as many investors are left grappling with significant financial losses. 

Promising a staggering 100 per cent return on investments within just one month, the platform has allegedly transferred over $822 million into an untraceable private Ethereum wallet, leaving countless investors in the lurch.

Launched as a digital asset trading platform, CBEX claimed to provide a secure and transparent environment for transactions. 

However, recent allegations have called its operational model into question, with reports suggesting that it displayed falsified withdrawal records to obscure the challenges users faced in accessing their funds. 

Investors now find themselves with little information regarding CBEX's business model, revenue streams, or asset management practices.

The promise of high, consistent returns, regardless of market fluctuations, proved to be unsustainable. Many investors have lost their life savings, borrowed money, or staked family assets, with reported losses ranging from hundreds to tens of thousands of dollars. 

The repercussions have been dire, leading to reports of despair, distrust, and even attempted suicides.

A video surfaced online, of a lady who reportedly lost N50 million to CBEX was seen attempting to end her life as she was ready to jump from the third floor of a building. 

However, neighbours and other people in the environment were able to stop her. 

The Punch also reported that several videos of Nigerian women breaking down in tears after reportedly losing millions of naira to CBEX have been circulating on social media. 

As the story unfolded, it was revealed that CBEX organisers allegedly transferred over $822 million into a private ETH wallet, effectively vanishing investors' funds overnight. 

Compounding the distress, the platform has locked all communication channels and postponed withdrawals, offering a questionable "verification" option: investors with over $1,000 must now pay an additional $200 for verification, while those with less than that are asked to pay $100.

Netizens weigh in on CBEX Ponzi collapse 

Social media users have reacted to the incident, with some chastising those who fell victim, and others expressing disbelief that people fell for such an obvious scheme.  

A social media user, @penTitan, stated,

"The CBEX scam and preceding Ponzi schemes prove one thing; Nigerians are addicted to quick money." 

@marxoFOld added,

“if you’re a victim of this CBEX scam, i hope you get scammed a million times again. stupid , greedy,  dumb fool.” 

In contrast, another user, @Blac_Eve1, argued,

"No, it proves that things are hard and people are trying to survive.” 

@Al_ameeen_yabo called out the investors stating, “You are not an investor when you put your money in CBEX or any ponzi scheme.

“You are just a greedy gambler that’s desperate to make money out of anything, i don’t feel bad for anyone that loses money on ponzi scheme. 

I trust Nigerians to put their money in next ponzi scheme.”

However, another user @popechuka countered,

“The country is hard on everyone, you don’t have to criticize them for making decision to grow, what happened to them is unfortunate.” 

Many reactions have followed, as @Phemidawhiz wrote:

“My barber spent some time preaching CBEX to me. I kept telling him to do proper background check but e no gree. This Ponzi people just enjoy the gullibility of Nigerians. Once they cook a some scam app like this, first target is Nigeria. Na we wise pass yet na we mumu pass!”

@onlinesafetrade lamented,

“I don go use my fiance bride price money invest in CBEX, where I want start like this?????? 😳.”

@drpenking expressed disbelief to the issues, stating,

“This guy lost 180k dollars on CBEX. Why Nigerians Mumu like this? Even if you are too lazy to run a Business . You can build atleast 10 three-bedroom flats spread across Nigeria with amount and rent them out. You’d never be broke again forever.” 

Many other netizens are of the belief that this won't be the last time that Nigerias will fall victim to Ponzi schemes, as @the_Lawrenz wrote,

“CBEX can change their name to DBex and people will still fall.”

This is not the first time that some Nigerians would fall victim to these Ponzi schemes. @IsaacAjax1 confirmed,

“CALA changed to CBEX and folks still fell for it. Same pattern of operation with CALA, even the platform design is same.

_the only tweak and lie; is that AI helps with the trading signal.” 

As reactions pour in on social media, calls for tighter regulations on investment schemes and better support systems for victims are echoing louder, with many expressing outrage at the lack of accountability from CBEX’s administrators.

More reactions trail CBEX collapse 

@Mbahdeyforyou posted: “After this CBEX scam, another Ponzi scheme will pop up and Nigerians will still fall for it😂.”

@rukky_nate wrote: “MMM was a Ponzi that crashed. Rackstelli was a Ponzi that crashed. MBA Forex was also a Ponzi that crashed. MCBEX is a certified Ponzi that just crashed. But guess what? Nigerians will still invest in the next Ponzi that pops up. A fool and his money will always part ways.”

@attah_akor wrote: “CBEX don turn my guy to beggar. From CBEX to He Begs.”

@Nifemi_Olu wrote: “You'd know your circle is clean when you're just hearing CBEX for the first time this week.” 

@YemiFirstSon wrote: “The 2 times people tried introducing me to this Cbex stuff, i outrightly ignored them both cos it was obvious to me that it’s not legit.” 

@EbukaMeansGreat wrote: “I act like I’m okay but deep down I’m concerned that i wasn’t rich enough to be Scammed by CBEX😭😂.”

@belikedaddy wrote: “If no be Cbex wey disappoint me wetin be this Benz.”

@Omolomo_o wrote: “There is fooling and there is Nigerian fooling.

Some group of Nigerians organized event on behalf of Cbex.

Premium fooling 😭😭.”

@MUNACHOGOZIE wrote: “Loool. The funny thing about ponzi is that we're all informed of the dangers. Na so Ubitex carry person small money run. Me wey plan to cash out before Dec 2024. Useless ponzi crash by October same year. I just cry my cry jeje. 😂😂🤣🤣.”

MMM, Loom, Racksterli, 7 other Ponzi schemes that cost Nigerians their fortune

Meanwhile, TheRadar earlier reported that Ponzi schemes have promised unusually high returns on investment, but ultimately led to significant financial losses for many Nigerians.

The list includes infamous schemes like MMM, Loom, and Racksterli, as well as more recent ones like Cheil and Crowd 1

TheRadar has compiled a list of the top 10 Ponzi scheme that have affected Nigerians.