CBEX office looted in Ibadan following alleged ponzi scheme crash

Tension erupted in Oke Ado, Ibadan, on Monday night as angry investors stormed the office of CBEX, an AI trading platform accused of operating a Ponzi scheme, after it reportedly crashed and wiped out billions of naira in users’ funds.

In a viral video circulating online, irate individuals—many of whom claimed to have lost thousands of dollars to the scheme—were seen looting the CBEX office, carting away valuables including air conditioners, fans, office equipment, and even damaging windows in a desperate act of protest.

The unrest caused heavy traffic in the area as a crowd gathered to witness the chaotic scene. The trending footage captures furious investors expressing their frustration with the platform’s operators, blaming them for what appears to be one of the biggest online investment scams in recent memory.

According to reports, CBEX allegedly moved a staggering $822,852,811.66 (over ₦1.3 trillion) into a private Ethereum wallet, leaving investors’ accounts emptied with balances showing 0.00. The crash, however, didn’t happen overnight. Victims claim their funds had been disappearing shortly after deposits—long before the platform officially halted withdrawals.

In what many are calling a blatant scam tactic, CBEX locked its Telegram channels and offered affected users a so-called “verification process.” The company requested an additional $200 from those with over $1,000 in their accounts, and $100 from those with less, promising that the payment would help “authenticate” users and enable them to withdraw their locked funds.

CBEX had previously promoted itself as an AI-powered trading platform that guaranteed a 100% return on investment within 30 days—a promise that attracted thousands of Nigerians looking for quick profit.

Since the news of the crash broke, social media has been flooded with reactions. Some users shared tearful videos of their losses, while others expressed anger and disbelief over the platform’s manipulative exit tactics. The trending hashtag #CBEXScam has become a rallying point for aggrieved investors demanding justice.

Authorities are yet to release an official statement regarding the incident.