In a bombshell revelation that’s rocked Nigeria’s crypto scene, allegations have surfaced that an administrator of CBEX—a once-popular digital asset trading platform—transferred a jaw-dropping $822 million (over 1 trillion Naira) into a private Ethereum wallet. The reports, which emerged on April 15, 2025, have sparked widespread panic and fueled fears that the platform is in full-blown collapse.
Allegations Spark Panic
The controversy exploded after users on X (formerly Twitter) began sharing claims that a CBEX admin had quietly moved the massive sum, igniting outrage across the community. One viral post summed up the mood: “CBEX run people street o!”—a Nigerian phrase implying investors were duped. Although the allegations haven’t been officially confirmed, they’ve only added fuel to growing suspicions that something was amiss with the platform.
According to local media, CBEX promised unrealistic returns—up to 100% profit within 30 days. On April 14, just one day before the massive transfer was reported, the platform suddenly crashed. Users found themselves locked out of their accounts, with many turning to social media to share emotional videos, claiming they’d lost everything. Some estimates peg total losses at over 1.3 trillion Naira.
Warning Signs Were There
Red flags had been waving for days. On April 11, users began sounding alarms on X, suggesting CBEX might be a Ponzi scheme. One user shared how someone allegedly turned a $1,000 investment into $5,000—a classic sign of a high-risk, unsustainable payout model. Despite these concerns, defenders of CBEX argued the platform was merely experiencing delays and would resume operations on April 15.
But the Nigerian Securities and Exchange Commission (SEC) had already labeled CBEX an unregistered and illegal entity, violating local financial laws. Experts noted the platform’s website bore an uncanny resemblance to legitimate exchanges like ByBit, possibly to deceive users. Investigators believe funds deposited into CBEX were funneled through Tron (TRX), converted to USDT, and then moved to Ethereum, suggesting an attempt to cover the money trail.
$822 Million Transfer: Real or Rumor?
So far, there’s no on-chain data to confirm the alleged $822 million transfer. No wallet address or transaction ID has been linked to the claim, leading some to question its authenticity. Still, the timing—coinciding with CBEX’s crash—has seen credibility to the theory among anxious investors.
If true, it would rank as one of the biggest crypto-related frauds Nigeria has ever seen. For context, Singapore reported $822 million in total scam losses for all of 2024—with crypto scams accounting for about 25%. That one Nigerian platform could allegedly move that amount is staggering.
Rage on the Ground and Silence from CBEX
On the streets, the backlash has been intense. In Ibadan, furious investors reportedly stormed a CBEX office, looting furniture, electronics, and even solar panels in a desperate attempt to reclaim losses. Online, X has become a war zone of accusations, grief, and demands for justice. Through it all, CBEX has remained conspicuously silent.
Some users who reached out through Telegram said they received vague or dismissive responses. The platform’s earlier claim of holding a Money Services Business (MSB) license—once flaunted as proof of legitimacy—is now widely seen as meaningless.
A Wake-Up Call for Nigeria’s Crypto Space
The CBEX crisis is unfolding amid a broader crackdown on unlicensed crypto operators in Nigeria. The SEC’s actions reflect rising concern about fraud in the largely unregulated digital asset space. If CBEX is indeed a scam, the fallout could deal a serious blow to public confidence—even as reputable exchanges like ByBit and BitMart continue global operations.
Globally, crypto markets have been volatile. Ethereum, reportedly the network used in the alleged CBEX transfer, has dropped nearly 30% this month, now hovering around $1,400. Earlier this year, ByBit itself was targeted in a $1.46 billion ETH wallet heist, highlighting the broader risks facing the industry.
What Now for CBEX Investors?
Unfortunately, the road ahead looks bleak for CBEX users. Without clear regulatory backing or a recovery plan, getting their money back may be a long shot. Experts urge affected individuals to gather all transaction records and communication logs in case legal action becomes viable.
CBEX’s downfall serves as a harsh lesson about the dangers of too-good-to-be-true promises in the crypto world. As one X user bluntly put it: “You must learn a lesson.”
For now, Nigeria’s crypto community is left reeling—waiting for answers, accountability, and a path forward that may never come.
Disclaimer: The $822 million transfer has not been independently verified. Readers are advised to treat such claims with caution until confirmed by reliable sources.
Sources:
BBC News, April 15, 2025
Punch Newspapers, April 15, 2025
Medium, April 15, 2025
Punch Newspapers, April 11–13, 2025
Yahoo News, February 25, 2025
Bleeping Computer, February 21, 2025
Posts on X, April 15, 2025