CBEX, a cryptocurrency and digital investment platform, is currently trending across Nigeria and social media after several users reported delays in withdrawals, triggering widespread fears of a potential Ponzi scheme.
The platform, which gained popularity for promising high returns on crypto investments, is now under scrutiny. Users began complaining on X (formerly Twitter) and other platforms that their withdrawal requests were pending for several days, with no adequate response from CBEX support. This sparked a flood of warnings and speculations, with many comparing it to past failed investment platforms in the country.
According to reports from Punch and Tribune Online, CBEX has yet to provide a clear explanation regarding the delays. While some users are calling for calm, others have raised alarm bells, urging regulatory authorities like EFCC and SEC to investigate the platform to protect investors.
The situation is further intensified by the growing trend of digital finance platforms collapsing in Nigeria, where citizens are seeking alternative investments amid economic hardship. CBEX’s lack of transparency and communication during this crucial period has only fueled public distrust.
Whether CBEX is facing technical issues, liquidity problems, or something more serious, the ongoing events have made it one of the most talked-about topics in Nigeria’s fintech space this week.
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