EXPOSED: CBEX CRYPTO SCHEME UNMASKED AS DANGEROUS SCAM TARGETING NIGERIANS’ LIFE SAVINGS
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April 15, 2025 – Lagos, Nigeria — A viral public service announcement has sent shockwaves through online investment communities, revealing explosive allegations about the CBEX Group, a crypto platform now accused of running a full-fledged scam operation that mirrors the infamous MMM scheme of the past.
In a post authored by digital safety advocate Ola Uyi and approved by community administrators for public circulation, the message warns that CBEX is misleading investors with fabricated credentials, inflated profit promises, and manipulative withdrawal tactics—all classic hallmarks of a financial scam.
False Origins and Misleading Claims
CBEX claims to have operated since 2008. However, a simple WHOIS domain check shows the platform’s website was only registered on January 6, 2024—contradicting its alleged 16-year track record.
The platform also flaunts Nigerian registration as proof of legitimacy. But as the PSA cautions, “A CAC certificate only means someone paid N25,000 and filled a form—it’s not a seal of credibility.” The warning draws comparisons to the MMM pyramid scheme, which used similar tactics and ultimately led to widespread financial ruin for thousands.
Official Denial by the Real CBEX
Perhaps the most damning evidence is the disavowal from the China Beijing Equity Exchange (CBEX)—a legitimate entity that publicly announced in February 2024 that it has no affiliation whatsoever with the crypto platform. The organization also clarified it does not engage in any form of Bitcoin or crypto trading.
Read the full statement here.
Unrealistic Returns, Fake Signals, and Withdrawal Traps
The PSA urges investors to apply common sense: “If Binance or Bybit promised daily guaranteed returns, you’d run. So why trust CBEX?” The platform’s exclusive “signals” allegedly don’t work on any legitimate exchanges and only function within the app—an obvious red flag.
CBEX is also accused of using the “Pig Butchering” scam model:
Users see rapid fake profits in their account
Withdrawals are delayed or blocked with made-up taxes
Victims are asked to deposit more to “unlock” their money
Eventually, the platform disappears entirely
Real-Life Victims and the Greed Cycle
The warning also shares a sobering real-life account of a young woman who initially invested $300 of her father’s money. After withdrawing $1,200 in December, she reinvested $1,000, topped it up with another $500, and watched her account grow to $7,200—only to lose everything last week.
“This is how it works,” the post warns. “They give you a little at first to bait you. Then greed takes over.”
One commentator, who withdrew $3,400 from CBEX in January, shared his strategy: “I left $100 in the wallet and never looked back. When I see profits like that, I take it once and shut the door.”
Not Just a Scam—A Public Crisis in the Making
The most heartbreaking impact, according to the PSA, will be felt by older Nigerians—retirees, pensioners, and parents risking school fees and life savings. “When CBEX collapses—and it will—it won’t just destroy finances. It will destroy families,” the author warns. “Depression and suicide rates could rise, just like during MMM.”
Final Call to Action
Nigerians are urged to stay vigilant, resist pressure to reinvest blindly, and spread awareness, especially among older, less tech-savvy loved ones. If a platform sounds too good to be true, it likely is.
This is more than a scam alert—it’s a lifeline.
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