Aggrieved Investors Break Into Lagos CBEX Office After Trading Platform Crash
Aggrieved investors stormed the Lagos office of Crypto Bridge Exchange Smart-Treasures, popularly known as CBEX, after the AI-powered cryptocurrency trading platform suddenly crashed, leaving investors unable to access their funds.
The incident occurred at 166 Idimu Road, Seliat Bus Stop, Egbeda-Idimu, Alimosho Local Government Area of Lagos State, where angry investors forced their way into the deserted CBEX office early Wednesday morning.
The office, previously known for bustling activity, was found empty, with no staff or security personnel in sight. Irate investors broke through the main gate around 9am, but could not gain access to the inner offices.
Armed policemen, including the Rapid Response Squad (RRS) from the Lagos State Police Command, arrived around 10am to maintain order and prevent chaos. At press time, it was unclear whether any arrests had been made.
CBEX had promised users 100 per cent returns monthly on their cryptocurrency investments, which were made in dollar equivalents using naira. The platform reportedly went down last Friday, leaving users locked out.
In response, the Economic and Financial Crimes Commission (EFCC) assured Nigerians that efforts were ongoing to help victims recover their funds.
Speaking on Channels TV on Tuesday, EFCC spokesperson Dele Oyewale said the agency had been tracking CBEX before the crash.
“We were not waiting for Nigerians to call us before we started our work,” he said.
“Our dragnet is wide, our intelligence is very effective. We profiled quite a number of things concerning the platform.”
He said the EFCC had listed about 58 Ponzi schemes in March and warned Nigerians against them.
“We’ve been alerting Nigerians about ways to avoid this kind of shenanigans,” Oyewale added.
The Securities and Exchange Commission (SEC) also reiterated that under the new Investments and Securities Act 2025, it is illegal to run any digital asset exchange or forex platform without registration.
Several victims who gathered at the CBEX office shared their painful experiences to Vanguard.
Mr Segun, 35, said he invested $1,700 (about N1.7 million) from a cooperative loan, hoping to repay after earning promised returns.
“I saw a beautifully furnished office with certificates from NSE and EFCC on the wall,” he said.
“They held seminars every Wednesday and Saturday. People said someone even built a house from his earnings.”
Segun revealed others lost even more — $4,000, $7,000, and as much as $8,000. “We suspect the total losses run into trillions of naira,” he said.
Another victim blamed his wife for urging him to invest.
“She pushed me to withdraw my dormant savings in FirstBank and invest in CBEX. I thought I was smart. But I’ve been scammed. The scammers saw so much money in a short time, they couldn’t resist.”
He also claimed the crash has had tragic consequences.
“A pensioner died of shock. A doctor is hospitalised. Around 50 nurses are affected. We even heard a woman committed suicide after her husband lost the money she borrowed.”
The victims are pleading with the government and relevant authorities to take urgent action and protect citizens from fraudulent schemes.
Titilope Adako is a talented and intrepid journalist, dedicated to shedding light on the untold stories of Osun State and Nigeria. Through incisive reporting, she tackles a broad spectrum of topics, from politics and social justice to culture and entertainment, with a commitment to accuracy, empathy, and inspiring positive change.
