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NIGERIANS DID NOT LOSE $822M TO CBEX AS TOTAL DEPOSITS ARE ESTIMATED AT $6.1M
Reports alleging that the crypto Ponzi scheme, CryptoBridge Exchange (CBEX), defrauded Nigerians of ₦1.3 trillion ($822 million) appear unfounded. While numerous victims have shared their losses on social media, investigations suggest the actual figure is much lower.
Techpoint Africa traced multiple wallets and smart contracts linked to CBEX, estimating total deposits at approximately $6.1 million.
WHAT IS CBEX?
CBEX presented itself as a U.S.-registered cryptocurrency exchange, falsely claiming certification by the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN). Although listed on FinCEN’s registry, the agency clarified that registration does not verify legitimacy and warned of fraudsters exploiting its name.
The platform also shared seemingly authentic documents, including one purportedly signed by Colorado’s Secretary of State. However, with CBEX exposed as a scam, these documents are likely forged.
WHY DID PEOPLE INVEST IN CBEX, AND WHY DID IT COLLAPSE?
CBEX lured users with:
- 100% ROI in 30 days
- Dollar-denominated transactions only
- Referral bonuses
- False claims of AI-powered trading
In early April 2025, CBEX halted withdrawals, citing a "security breach" and promising resolution by April 15. Instead, users found their balances wiped out, with no customer support response. Reports emerged of enraged investors storming CBEX’s office in Ibadan, Nigeria.
HOW MUCH DID NIGERIANS ACTUALLY LOSE?
Techpoint Africa’s analysis of CBEX-linked wallets revealed:
- $1.37 million moved from a primary wallet to another holding $484,805 in TRX, $18,000 in USDT, and $1.36M in JustLend USDT.
- A separate smart contract (TR7NHqjeKQxGTCi8q8ZY4pL8otSzgjLj6t) held $4.4 million, still receiving deposits as of publication.
While losses are significant, the $822M claim remains unverified, and deposits may not be exclusively from Nigerians.
SEC DECLARES CBEX ILLEGAL
Nigeria’s Securities and Exchange Commission (SEC) has warned against unregistered platforms like CBEX. Under the Investment and Securities Act (ISA) 2025, operators of illegal schemes face:
- Up to 10 years imprisonment
- Fines up to ₦40 million
SEC DG Emomotimi Agama also cautioned influencers against promoting unregistered platforms, stating that endorsing fraudulent schemes could lead to legal consequences.
Final Note: While CBEX’s collapse has caused financial harm, exaggerated loss figures should be treated with caution. Regulatory crackdowns aim to prevent future scams, but investors must remain vigilant.
#saynotoponzy #cbex #ponzy #sec
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