If you’ve come across the CBEX trading platform and you’re thinking of signing up, think twice. Behind its polished website and promises of high returns lies a calculated scheme designed to drain your funds.
According to our cybersecurity experts, who analyzed CBEX, what seemed like a legitimate crypto exchange was Nigeria’s $800 million disaster waiting to happen.
In this TRU Insight, we uncover how it lured investors, the red flags everyone missed, and the shocking truths behind its sudden collapse.
What is CBEX trading? Company Overview
CBEX trading presented itself as a global crypto exchange platform in 2024. It claimed to help investors earn huge profits using advanced AI trading systems.
Its so-called CEO, Yahaya Ibrahim, introduced CBEX with an office in Ibadan, Nigeria. However, there are no verified details about his real identity or professional background.
It was said that it is linked to a government business in China. However, Beijing Equity Exchange denied any affiliation, exposing their fake credentials.
In fact, as reported by traders from CommuniTrade, many members flagged this crypto exchange early for its lack of transparency and regulatory proof. They emphasized the importance of relying on verified trading communities to avoid platforms that risk your funds.
Is CBEX a trading platform Scam? Background Check of Regulatory
Reports from the Securities and Exchange Commission (SEC) confirm CBEX is a Ponzi scheme. In simple terms, a Ponzi scheme pays old investors using funds from new ones.
It had no valid license or regulation in Nigeria, Canada, or the US. Its frequent domain changes and lack of SEC approval exposed its shady operations.
The Economic and Financial Crimes Commission (EFCC), Nigeria’s top anti-financial crime agency, is now involved. In fact, EFCC recently arraigned two CBEX promoters for inducing the public into its fraudulent investment scheme without SEC approval.
They investigate scams like CBEX and collaborate with Interpol to track down suspects hiding overseas.
The platform promised 100% accurate AI trading signals daily. But as an expert with several schemes, these claims aren’t true at all. First of all, they wouldn’t need public investors if that’s the case.
With both the SEC and EFCC confirming its illegality, it’s clear that it is a trading scam and was never a legitimate exchange.
Read more: Beware of These 5 Crypto Scams to Watch Out for in 2025
How Did CBEX Operate?
To have a full grasp on the scam operation, here are the hidden agendas that every trader should spot as a red flag:
The Setup
CBEX claims to use advanced AI to generate daily crypto profits. Users were promised 100% returns within just 30 days.
Fund Movement Strategy
Investigators later revealed that CBEX routed investor deposits through the TRON blockchain. Each user received a unique wallet address to mask fund flows.
The platform converted funds into USDT or USDD before moving them to major exchanges like OKX and Bitget. There was no real trading—just deposits shifting between wallets in a classic Ponzi structure.
Fake AI Trading & Referrals
On their trading website, users saw fake AI charts and profit dashboards. The referral system incentivized members to recruit new investors to keep funds flowing.
Withdrawal Tactics
Withdrawals were delayed with penalties, while new “verification fees” of $100–$200 were introduced to unlock accounts. This locks in deposits while squeezing out extra payments from desperate users.
Hidden Networks & Data Breach
Experts also traced their ties to Southeast Asia’s Huione Pay money laundering network. Alarmingly, leaked KYC data from the platform is now reportedly circulating on darknet forums, raising identity theft risks.
What Really Happened to CBEX?
In April 2025, CBEX collapsed overnight. Withdrawals were disabled, and its official Telegram channel vanished.
Investors were left stranded. Many were told to pay “verification fees” with the hopes of recovering their funds.
Over 250,000 people fell victim to their promises of fast profits. In reality, they never owned the crypto assets displayed on their dashboards.
Experts warn that this was more than just another Ponzi scam. With leaked personal data, victims now face risks far beyond lost money, including potential identity theft.
What to do if CBEX scams you?
Wondering what to do after falling victim to this trading scam? Here’s a quick guide to protect your funds and digital identity before diving deeper into its legal issues and real user reviews.
1. Save Your Transaction Records
Always keep screenshots of your login dashboard, deposits, and chats with admins. These proofs are crucial when filing fraud reports or alerting exchanges to block stolen funds.
2. Report to Financial Authorities Immediately
Report the CBEX trading platform to your country’s financial regulator or cybercrime unit. In the US, file complaints with the SEC to increase investigation chances.
3. Contact Crypto Exchanges Where Funds Were Sent
If you traced your funds to an exchange like OKX or Bitget, contact their support to flag suspicious wallet addresses. This may freeze scammer accounts and prevent laundering via CBEX trade login deposits.
4. Strengthen Your Device Security
Use reputable malware protection tools to scan devices for spyware installed by CBEX trading website pop-ups. This helps prevent further data leaks, phishing, or compromised this crypto exchange login credentials.
FAQ
How much money did CBEX lose?
Investor losses estimated at over ₦1.3 trillion ($800 million), making it one of Nigeria’s largest crypto trading scams.
How many Nigerians invested in CBEX before it collapsed?
Reports show that between 250,000 and 300,000 Nigerians invested in the trading platform before its sudden shutdown in April 2025.
Stay Protected: Lessons from the CBEX Scam Collapse
CBEX’s collapse wasn’t just another crypto scandal. It exposed deep gaps in investor awareness, platform transparency, and regulatory protection in Nigeria’s trading scene.
If you’re tired of empty promises from shady platforms, CommuniTrade offers a safer path. Join traders who value real market insights, and growth without the fear of scams.
