Man Says CBEX Mistakenly Exposed Itself, Shares 'Evidence' Online: "This is a Big Problem"

• An observant man said management of the CBEX platform shot themselves in the foot while on damage control
• According to him, CBEX mistakenly exposed itself and showed netizens a shred of evidence to back up his claim
• In an exclusive chat with Legit.ng, a Web3 expert known as Emperor YRN shared how platforms like CBEX exploit decentralised finance (DeFi) tools to gain users’ trust

Following reports of the CBEX platform crash, investors in the alleged ponzi scheme have been unable to withdraw their funds.

Days before the alleged crash caused widespread panic among investors, a TikTok user raised the alarm about the platform.

Man says CBEX mistakenly exposed itself

@nnamdisplaybook recounted how a creator had made a video sharing his fears about CBEX, with the investment platform sharing the clip on the community tab and threatening to take legal action against him.

However, the TikTok user noticed something in CBEX's reaction to the creator's video, pointing out how they admitted to not having the needed certifications to operate, suggesting they had been operating illegally.

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"...It means that ST [CBEX's parent company] doesn't even have the certifications right now to operate, right? That is what it actually means right now..." he claimed.

"This simply means that this platform, all this while, have been operating illegally. They just exposed themselves right now. They have been operating illegally because they don't have the certifications to basically operate right now.

"So, all of the transactions people have been depositing right now; people have been doing a whole lot of transactions on this exchange," he continued.

He also shared a screenshot of CBEX's reaction to the creator's video to back up his allegations. The platform has not responded to him at this stage.

Web3 expert weighs in on CBEX crash

When quizzed about how platforms like CBEX exploit decentralised finance (DeFi) tools to gain users’ trust, a Web3 expert, Emperor YRN, told Legit.ng that such Ponzi schemes mimic real projects to appear authentic. In his words:

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"They often borrow DeFi jargon and mimic real projects to appear legitimate — using smart contracts, token launches, and dashboards that simulate transparency.

"But in reality, there’s no decentralisation. Everything is controlled behind the scenes by the founders."

Watch his video below:

Man's comment on CBEX generates reactions

Soft said:

"Cbex has eat people's money today everyone In Cbex lost."

DrreamChaser said:

"A lot of red flags 🚩 but people ignore ,,,,greediness of the highest order."

DR. O. ABIBAT 🇨🇳中名字：李丽 said:

"I have seen this form of scam since I be 10yrs old and every years similar scam pops up and people fall for it. I am 20+ and it still ongoing lol… I won’t blame anyone SHA. I hope people behind cbex, if Known are held accountable…. But just so you know, your money is Gone."

user2833890503105 said:

"There's is panic everywhere i don't know what will happen on Tuesday."

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Legit.ng dissociates self from another deceptive Ponzi scheme targeting Nigerians

jay2coded said:

"I am not worried and i am not concerned😂 cos my village people could not win in convincing me to invest my life savings of #250,000."

Potoki Paul said:

"I get their time, they even posted me on their telegram channel as a blogger."

SoundBrains said:

"Oga why are you taking Panadol for other people's headaches."

SEC speaks amid CBEX crash

In a message sent to Legit.ng, Nigeria's Securities and Exchange Commission (SEC) warned against transacting with unregulated platforms and promoting them. It said:

"The Securities and Exchange Commission (SEC) has again emphasized that any platform not registered with the SEC is illegal and therefore warns Nigerians against patronizing unregistered platforms."

Efe Ebelo, SEC's head of external relations, cited the Investments and Securities Act 2025, which empowered the commission to go after Ponzi schemes and platforms that promote pump and dump tokens.

He warned celebrities and influencers against using their brands in making such unregistered ventures popular among their followers.

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In a related story, Legit.ng reported that some investors had rushed to deposit more money after CBEX verification deadlines were set.

Man tells CBEX investors what to do

Legit.ng previously reported that a concerned man had issued a warning to CBEX investors about their trapped funds in the investment platform, which is said to have crashed.

Commenting on CBEX's new update to investors to make fresh deposits, the man advised people not to fall for it, describing it as a strategy to take their funds a second time.

He said that those who had invested money in the platform needed to accept their losses and move on, saying that it was likely nothing could be done to retrieve their funds.

Joseph Omotayo, the HoD of the Human Interest Desk, contributed to this article, adding the comments from the SEC on unregulated platforms.

Proofreading by Bruce Douglas, copy editor at Legit.ng.

Source: Legit.ng