A wave of panic swept through Ibadan on Monday, April 14, 2025, as reports emerged of a looting incident at the CBEX office located in Oke-Ado. According to multiple social media posts, angry individuals stormed the premises following the alleged crash of the investment platform.
One viral post claimed: “CBEX ST has crashed and all money on assets gone. The app and their website are still accessible as of 5:40 PM today, Monday 14th April 2025, but people’s money on the app already gone.”
The platform, CBEX, had been trending for days on X (formerly Twitter), as users debated whether the platform was a legitimate trading service or a potential Ponzi scheme. Concerns escalated after reports of withdrawal issues and delays began surfacing, fueling speculation of an impending collapse.
Tensions mounted when popular user Man of Letters (@Letter_to_Jack) shared a post highlighting suspicious activities on CBEX. He cited an example of a user who allegedly turned a $1,000 investment into $5,000, calling it a “classic Ponzi scheme” due to the unusually consistent returns and absence of reported losses. He warned users to withdraw their funds immediately, predicting a total collapse.
Adding to the uproar, influencer @poojamedia tweeted on Friday: “Cbex is gone? RIP to all withdrawals.” The message quickly went viral, triggering mixed reactions. While some interpreted it as a red flag and pulled out their investments, others rushed in, hoping to profit before a potential crash.
As withdrawal complaints surged, frustrated users took to social media to express panic over inaccessible funds. Meanwhile, CBEX loyalists pushed back, with users like @BlessedAjoke claiming withdrawals were only paused until April 15, dismissing the crash rumors as misinformation.
The company’s official account, @cbextrades, also issued a statement denying the collapse:
“Being scared can’t solve any problem. We are here to eradicate poverty. We stay here forever. Stop believing random fallacies spreading around. Stay safe. Important announcement coming soon. Follow our official account for updates and bonuses.”
In a follow-up post, the platform doubled down:
“Stop panicking and spreading false rumours. Believe in the process. We are still here and will continue to be here. Our goal is not yet achieved.”
CBEX describes itself as a global leader in digital asset trading, serving users worldwide. However, with ongoing withdrawal issues, social media backlash, and mounting skepticism, the platform’s future remains uncertain.
