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A digital trading platform, China Beijing Equity Exchange (CBEX), has collapsed, leaving an estimated 300,000 investors grappling with losses surpassing N1.3 trillion (approx. $840 million).
The crash, which occurred on Monday, April 14, triggered widespread outrage. Distraught investors flooded social media platforms like X and TikTok, sharing stories of vanished life savings and unpaid loans.
By Tuesday, April 15, tensions had spilt into the streets when a group of aggrieved investors stormed and looted CBEX’s office in the Oke Ado area of Ibadan, Oyo State.
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5 Disturbing Facts About CBEX:
1. Too Good to Be True
CBEX promised investors 100% returns within 30 days by trading digital assets. It marketed itself as a secure and transparent investment hub.
2. Unregistered and Operating Illegally
Despite widespread use, CBEX was never registered with Nigeria’s Securities and Exchange Commission (SEC), violating the Investment and Securities Act (ISA) 2025. CEO Yahaya Ibrahim claimed that CBEX was a Canadian-registered crypto exchange, but evidence to support this claim was lacking. In reality, its operations were mainly focused within Nigeria.
3. Red Flags Before the Crash
Around April 9, users began experiencing withdrawal issues. Funds reportedly disappeared from wallets, and the platform demanded additional deposits for account “verification”—ranging from $100 to $200—before any withdrawals could be processed.
4. Massive Losses Tracked on Blockchain
Taiwo Owolabi, a crypto expert and security analyst, reported that stolen funds were traced to a Tron blockchain address: TDqSquXBgUCLYvYC4XZgrprLK589dkhSCf.
“The total volume stolen so far in USDT is $847 million and likely to increase,” Owolabi said.
5. SEC's Ongoing Warnings Ignored
The SEC had repeatedly warned the public against investing in unregistered platforms like CBEX.
“By virtue of [ISA 2025], it is an offence in Nigeria for any entity that is not registered by the commission to carry out the business of online foreign exchange trading platforms or related services,” the commission stated.