Cbex Crash: Lady Who Invested Her Business Capital in Trading Platform Weeps Bitterly
- A Nigerian lady who used her business capital to trade in a digital assets trading company, Cbex, has cried out over her loss
- Many people on social media alleged that the Cbex trading platform had crashed and that traders' funds were trapped
- The lady shared how she planned to start her business, but Cbex had taken her back to square one
A Nigerian lady cried bitterly after losing her business capital to the Cbex online trading app.
She said she used her money to trade in the digital assets trading company, Cbex, which allegedly crashed.
Source: TikTok
In a video by @nickie677 on X, the lady revealed that she planned to quit her job and start a business with the money she invested.
She said:
“Me thinking that I’m going to resign from my 8-6 work soon and start up my business and CBEX put me back to square one. My God. Where do I start from? Will I ever make it in life like this?”
Watch her video below:
Cbex: A ponzi scheme or trading platform?
A man on Facebook who predicted the crash of the app claimed that Cbex, which posed as a digital assets platform, was a Ponzi scheme.
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.
Source: TikTok
In a chat with Legit.ng, Dr Elvis Ozegbe, a seasoned economist and lecturer at Pan-Atlantic University, Lagos, shares how the economy of the country influenced Nigerians to join such platforms.
His words:
"Ponzi schemes thrive in Nigeria due to poor financial education. Unfortunately, access to education and its quality remain critical issues in the Nigerian economy, rendering Nigerians vulnerable to scams like CBEX. Moreover, rising living costs have heightened the populace's desperation to increase income or settle for a declining standard of living.
"Staying informed about the capital, FX, and cryptocurrency markets would provide Nigerians with the essential knowledge to avoid being swindled by scammers. It is also crucial to note that the Securities and Exchange Commission is the authority that licenses investment firms in Nigeria; thus, Nigerians should verify that any such firm holds a license from the SEC."
Reactions as lady loses business capital to Cbex
@Adeifemi said:
"What is Cbex? Am I the only one hearing this for the first time, I’m lost."
@sk moni said:
"Why will I do CBEX when stock trading is there. two weeks ago my friend made $900. 1.4m in Naira wetin 4hours. i trade stock everyday. I made at least $50 a day depending on how much."
@JennysHair18 said:
"My husband put 1m dat same yesterday e no reach 1 hour everything went back to 0.00 ,he just dea cool since."
@mr_tuboi said:
"I put $300 after 1 month I sharply withdraw my capital plus the gain."
@RachaelFX said:
"I swear i just withdraw my money on the 9th afternoon before this yeyeye start for evening. ThankGod oo."
@Mr Reginald said:
"Trust me you can make it and more. sacrifice 3 months and learn AI skills and watch how your life will change. go learn AI agents automation and web3 you will thank me later."
@Temi___ said:
"Anything wey pass make we use 10naira chop 125million on sportybet, I no dey put hand. Sorry for your loss."
Lady loses school fees as Cbex crashes
In a related story, a Nigerian lady who used her school fees to trade in the digital assets trading company, Cbex, has cried out over her loss.
The lady shared how much she put into the app and was surprised to see that her money was gone.
Many who came across her viral video sympathised with her and shared similar experiences.
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Proofreading by James Ojo, copy editor at Legit.ng.
Source: Legit.ng
