On Tuesday, furious investors besieged the Crypto Bridge Exchange Smart-Treasures (CBEX) office at Seliat Bus Stop, Egbeda-Idimu, Lagos, after funds vanished from the CBEX trading app on Monday evening.
According to The Sun, CBEX, marketed as an AI-powered cryptocurrency platform promised 100% monthly returns, luring users to trade digital assets.
Videos circulating online showed a large crowd at the office gate, with some investors attempting to force entry while others stood by the roadside. Armed police from the Lagos State Police Command were deployed to maintain order.
Dele Aina, a victim, shared that his sister-in-law introduced him to CBEX three weeks ago. He invested $500, expecting it to double in 45 days based on daily 2% trades. However, withdrawal issues emerged days ago, and all funds were reportedly cleared, with approximately ₦1.3 trillion allegedly transferred to a private wallet.
“They said they would trade with 2 per cent of the money daily, and at the end of 45 days or less, I would receive 100 per cent returns. My $500 was supposed to become $1,000, he said.
Aina, misled by CBEX’s physical offices, visited the site and witnessed chaos, including police intervention and the arrest of the facility owner.
Some investors tried to loot equipment, mirroring a similar incident in Ibadan. Aina, unable to pursue legal action, noted others lost up to ₦9 million, with some suffering health crises upon learning of the crash.
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