Lagos was thrown into chaos on Wednesday as furious investors stormed the Egbeda-Idimu office of Crypto Bridge Exchange Smart-Treasures, widely known as CBEX, following the sudden collapse of the popular crypto trading platform.
CBEX, which lured thousands with its promise of AI-powered cryptocurrency trading and jaw-dropping “100% monthly returns,” has reportedly gone offline—locking users out and leaving millions of naira unrecoverable.
By 9 a.m., angry victims had gathered in droves at the company’s Seliat Bus Stop office. The gates were forced open, and the crowd broke into the compound, desperate for answers. But there were none—no staff, no security, just a deserted office where dreams were sold and shattered.
Armed police and members of the Rapid Response Squad later arrived to calm the tension and prevent the situation from escalating further. Still, the damage had already been done.
One heartbroken victim, Mr. Segun, shared his pain:
“My wife and I invested over ₦11 million. We were told it was a smart, AI-based platform with guaranteed returns. Now everything’s gone. We were even shown EFCC and NSE certificates in their lavishly decorated office. It all felt legitimate.”
He added, “A pensioner died of shock, a woman committed suicide after borrowing to invest, and over 50 nurses, doctors, and civil servants are victims. It’s more than money—it’s lives on the line.”
Another victim, Mr. Victor Ozime, echoed the devastation:
“I lost $4,000. My wife lost $3,000. That was our children’s school fees and rent. Right now, I’m just numb. I don’t know what to do.”
The Securities and Exchange Commission (SEC) has since clarified that under Nigeria’s newly enacted Investments and Securities Act 2025, operating an unregistered digital trading platform is now illegal. The commission warned Nigerians to steer clear of any platform not officially registered with them.
Despite these warnings, the collapse of CBEX has left countless families financially crippled, with many questioning how such a platform operated openly across multiple locations—including Egbeda, Ikeja, and Ikorodu—without scrutiny.
As authorities begin investigations, victims are pleading for swift government intervention and justice.
“We trusted the system,” Segun said. “Now we’re just begging for help.”
