Tension flared in the Egbeda-Idimu area of Lagos State on Wednesday as investors stormed the office of Crypto Bridge Exchange Smart-Treasures, known as CBEX, following the sudden collapse of the cryptocurrency trading platform.
CBEX, an artificial intelligence-powered crypto trading outfit, had promised investors 100 per cent returns on their dollar-denominated investments within 30 days.
The platform reportedly operated under the guise of legitimacy, displaying certificates from the Nigerian Stock Exchange (NSE) and the Economic and Financial Crimes Commission (EFCC) within a lavishly furnished office that inspired confidence in unsuspecting investors.
When Vanguard visited the CBEX office located at Seliat Bus Stop in Egbeda, Alimosho Local Government Area, scores of angry investors were seen breaking through the main gate in an attempt to access the deserted premises.
Although they forced their way inside the compound, they were unable to enter the main office. No staff or security personnel were on site.
Officers of the Rapid Response Squad (RRS) and the Lagos State Police Command arrived at about 10 a.m. to restore order and prevent further chaos.
As of press time, it remained unclear whether any arrests had been made, including of CBEX officials or the landlord of the property.
The unrest followed widespread panic that began last Friday when CBEX subscribers discovered they could no longer access their accounts, signalling the platform’s collapse.
The development has left thousands of investors stranded, many of whom say they lost life savings, loans, and cooperative funds.
One of the victims, Mr Victor Ozime, told Vanguard he and his wife jointly lost over $7,000—more than N11 million at the current exchange rate. “We are on ground zero,” he said. “How do we finance our children’s school fees and pay house rent? I had so many plans for the money. Right now, I feel like ending it all.”
Another investor, Mr Segun, who invested $1,700 from a cooperative loan, said he was drawn in by convincing testimonials and seminars hosted by CBEX.
“They said the platform was AI-assisted, with 100 per cent ROI in 30 days,” he said. “Many early entrants made millions. Someone even built a house. My wife encouraged me to join. Now look where we are.”
Segun added that CBEX had recently opened new branches in Ikeja and Ikorodu, and regularly held large seminars every Wednesday and Saturday. “These Ponzi operators have targets. Once they hit the figure they want, they vanish,” he said, adding that the scammers may have raked in over a trillion naira before disappearing.
Tragically, the fallout from the crash has had deadly consequences. “A pensioner reportedly died after hearing he had lost everything. A medical doctor is in critical condition at a hospital in Abule Egba, and a woman allegedly committed suicide after borrowing money and handing it to her husband for investment,” another source told Vanguard.
The Securities and Exchange Commission (SEC), in response to the incident, reiterated that under the newly enacted Investments and Securities Act 2025, it is illegal for any entity to operate a digital asset exchange or online forex trading platform in Nigeria without proper registration.
In a statement issued on Sunday, the Commission warned Nigerians to be wary of unregistered investment schemes and reaffirmed its commitment to clamp down on illegal financial operators exploiting the digital space.
