Man Who Predicted Crash of Cbex Platform in March Goes Viral After People Ignored His Warnings
- A Nigerian man had issued a warning in March, expressing concerns about the operations of Cbex, a digital assets trading company
- The man, Ub Edem Uman, had shared a post on Facebook, alleging that the Cbex trading platform might not exceed May before crashing
- Earlier in April, many people on social media alleged that the Cbex trading platform had crashed and that traders' funds were trapped
A Nigerian man's old post about Cbex has resurfaced on social media after he warned that the platform might crash.
The man, Ub Edem Uman, had alleged that the end was close for the digital assets trading platform.
Source: UGC
According to Ub, he suspected that the Cbex platform might not last longer than May or Easter.
He made the post on March 8, 2025, alleging that the platform had introduced what he called a 'six-month plan.'
Ub warned users on the platform not to join the 6-month plan, alleging that the end was near for Cbex.
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Man reportedly withdraws his $40,000 from Cbex but loads it again shortly before it crashed
He said in the old post:
"Please if you are on CBEX, the end is very close. I just heard they introduced a 6 months plan, that is a huge red flag. It means the system is under stress and they are trying to discourage as many people as possible from withdrawing. With the Ramadan and Easter celebrations at the corner, they MAY not last beyond Easter; they may last a little longer. Whatever you do, DON'T JOIN THAT 6 MONTHS PLAN, YOU WON'T SEE THAT MONEY AGAIN."
Source: UGC
Is Cbex a Ponzi scheme?
Ub alleged that the platform was a Ponzi scheme. Earlier in the week, there were social media posts alleging that Cbex had crashed.
Looking through the website of the Securities and Exchange Commission (SEC), there is a list of digital assets trading companies, but Cbex was not seen there.
Also, a search of the name 'Cbex' on the SEC dedicated portal for investment operators did not yield any results. It is not clear if Cbex is a registered investment platform.
In a post, an X user identified as Man of Letters said someone he knows had invested on the platform.
He said:
"Someone told me about a 'CBEX' this evening. They invested $1k and have since withdrawn $5k this year. Having done all my checks, the platform flies all the flags of a Ponzi scheme. People are cashing out steady with no losses. You know what that means? Easter, Ileya or Xmas."
Speaking to Legit.ng, UB said though he is not an investment expert, he had once lost money to a Ponzi scheme called MMM.
After the loss, he took it upon himself to study and know how Ponzi schemes are able to deceive people.
He told Legit.ng:
"I am not an investment expert, I shared what I shared because of my personal experience with MMM and Gethelp way back. After those schemes crashed back then, I developed a keen interest in understanding how they were able to wreck Nigerians the way they did. That pushed me into doing a lot of reading and research on Ponzi schemes. I was able to gather enough information that can, to a large extent, allow me to identify them and predict their patterns. These red flags I'm about to share are purely my personal opinion. Before you invest your money in any business, ask this simple question HOW DO THEY MAKE THE PROFIT THEY WILL USE TO PAY THE INTEREST THEY ARE PROMISING? Once they can't answer this question in very simple terms that you can understand, you are about to get into something that may likely end in losses."
Reactions to post about Cbex
Ogundele Sunday Abiodun said:
"You are too bad for yourself. Introducing Airdrops that will end up paying dust isn't the way at all. Cbex remains the best I ever seen in my life."
Ukeme Ikpito said:
"You should be ashamed of yourself, you come online to spray fake information on something you know nothing about. Do you know the number of lives and families ST/CBEX has help, a Ponzi scheme as you called it as survived many Christmases and festive season without crashing as you claimed."
Agbesuyi Olaitan said:
"Ponzi scheme almost ruined me in 2021...I would rather farm airdrops than engaging myself in ponzi."
Man designs replica of Opay banking app
A Nigerian tech enthusiast has designed a replica of the Opay banking app that looks exactly like the original version.
Hameed Afolabi, who is a UX designer, recreated the Opay banking app and captured the attention of product designers.
The Opay banking app he designed has different features, including the available balance section, which shows over N1 million.
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Proofreading by James Ojo, copy editor at Legit.ng.
Source: Legit.ng
