Many Nigerians who put their money in digital investment platform, CBEX, are in tears as the platform has allegedly collapsed, with reports indicating losses amounting to over N1.3 trillion by investors.
CBEX is a digital trading asset platform that gives investors 100 per cent Return on Investment (RoI) in 30 days, with a purported goal to create a secure, transparent environment for transactions.
Signs that the investment platform had crashed became imminent when users started having difficulties with effecting withdrawals, with many attempts suffering failure, followed by a sudden account balance wipe, after which the platform became inaccessible to users, by Tuesday.
Some of the investors took to various social media platforms where they expressed frustration with the situation.
In Ibadan, the Oyo State capital, investors were reported to have taken out their frustration on the offices of the investment platform in the metropolis on Monday night, where they looted property belonging to the company.
The Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) have warned Nigerians against investing in Ponzi-style schemes, particularly those offering high returns and without regulatory oversight.
Meanwhile, CBEX also locked its Telegram channels and postponed its withdrawals, while giving investors with $2,000 and $1,000 investments and above, the lifeline of withdrawing their money after paying verification fees of $200 and $100 respectively.
