Nigerians Don’t Learn - Reactions As Investors Weep After Losing Earnings To Crashed CBEX

A storm of boiling anger, ridicule, and heartbreak has swept through Nigerian social media following the reported collapse of CBEX, a digital asset trading platform accused of siphoning over ₦1.3 trillion from investors, leaving countless victims devastated and broke.

The crash, which occurred on Monday, has sparked renewed debate about Nigerians’ susceptibility to fraudulent investment schemes, with many X (formerly Twitter) users expressing disbelief that such a platform thrived despite numerous warnings.

CBEX, a platform that promised 100 per cent return on investment in 30 days through purported AI trading, vanished with investor funds over the weekend. 

Security experts say at least $822.8 million worth of assets were moved into a private Ethereum wallet, even as users’ wallet balances dropped to zero. 

Telegram channels were locked, and a new so-called “verification” process was introduced, asking for an additional $100 or $200 from investors hoping to retrieve their locked funds.

The incident immediately drew comparisons to past Ponzi schemes like MMM, which collapsed years ago and cost many Nigerians their savings.

“After the MMM shege, Nigerians still invest in Ponzi,” wrote @MissCazorla1, who did not mince words in calling out what she described as the financial and political “foolishness” of some Nigerians.

Another user, @emma75039, who revealed they lost ₦100,000 to MMM, lamented, “Don’t you people ever think? Now CBEX has done you people dirty again.”

Some users expressed disbelief that CBEX could have ensnared so many victims despite its relative lack of visibility.

“This CBEX thing was not popular at all,” tweeted @lollypeezle. “You guys were making money in silence, hiding updates, and now you want us to pity you. Ko le werk. Cry.”

Meanwhile, others used the moment to warn fellow Nigerians about the dangers of fast-return schemes.

“Any investment scheme that defiles the principles of wealth creation is a scam,” wrote @Fx_General_, adding, “Y’all will be alright.” @OtunbaOluw13800 echoed similar sentiments, warning that Nigerians should learn to scrutinize investment opportunities: “MMM never teach una lesson?”

The Securities and Exchange Commission (SEC), in response, has warned Nigerians to steer clear of unregistered platforms.

With the newly signed Investments and Securities Act 2025, digital asset exchanges and online forex platforms must now be licensed to operate, or risk sanctions.