Monday, June 2, 2025
No Result
View All Result
Coins League
  • Home
  • Bitcoin
  • Crypto Updates
    • Crypto Updates
    • Altcoin
    • Ethereum
    • Crypto Exchanges
  • Blockchain
  • NFT
  • DeFi
  • Metaverse
  • Web3
  • Scam Alert
  • Regulations
  • Analysis
Marketcap
  • Home
  • Bitcoin
  • Crypto Updates
    • Crypto Updates
    • Altcoin
    • Ethereum
    • Crypto Exchanges
  • Blockchain
  • NFT
  • DeFi
  • Metaverse
  • Web3
  • Scam Alert
  • Regulations
  • Analysis
No Result
View All Result
Coins League
No Result
View All Result

Nigerian investors blindsided by massive CBEX Ponzi scheme

May 5, 2025
in Scam Alert
Reading Time: 2 mins read
0 0
A A
0
Home Scam Alert
Share on FacebookShare on TwitterShare on E Mail



Hundreds of Nigerians have misplaced tens of millions to a fraudulent digital asset buying and selling platform, CBEX, which operated as a Ponzi scheme.

Early stories from native media retailers positioned whole investor losses at ₦1.3 trillion (roughly $800 million), with the funds allegedly sitting in a Tron pockets believed to be related to CBEX.

Nevertheless, CryptoSlate’s evaluation suggests the true determine could also be considerably decrease because the deal with belongs to Binance’s sizzling pockets, contradicting hypothesis on Nigerian social media.

Unbiased crypto analyst Specter supplied a extra conservative estimate, putting the whole loss nearer to $12 million.

CBEX Ponzi rip-off

CBEX, falsely branded as “China Beijing Fairness Alternate,” gained reputation in Nigeria by presenting itself as a legit worldwide buying and selling agency. In actuality, the platform had no affiliation with the official Chinese language entity bearing the identical title.

As an alternative, CBEX adopted a basic Ponzi mannequin of promising excessive earnings, requiring referrals, and locking person funds. The agency lured buyers by selling an AI-driven buying and selling technique that will ship a 100% return on funding inside 30 days.

The fraudulent platform had additionally gained credibility by way of promotional appearances on state-owned media retailers the place it had been deviously described as a “poverty alleviation” scheme.

This drew in a number of buyers who had been inspired to herald extra folks earlier than they may entry their returns. Nevertheless, the withdrawals had been topic to prolonged lock-in durations, and by April 2025, person accounts had been frozen with out warning.

The sudden halt on withdrawals triggered widespread backlash as indignant customers stormed CBEX workplaces in Ibadan and Lagos. Others took to social media to share tales of misplaced financial savings, some within the tens of hundreds of {dollars}.

Rip-off connections lengthen past borders

CBEX’s collapse seems to be a part of a broader community of associated scams.

Crypto analyst Specter linked CBEX to different Ponzi schemes like LWEX and PCEX, pointing to cloned web sites and comparable transaction patterns. LWEX, for example, focused customers in Slovakia and Hungary earlier than shutting down earlier this month.

Specter’s investigations additional revealed that wallets related to CBEX had been linked to Huione Pay, a cost and change system working in Southeast Asia.

Notably, blockchain forensics agency Elliptic has flagged Huione as one of many largest hubs for illicit monetary exercise, reportedly processing over $24 billion in suspect transactions. The platform has been linked to pig butchering scams and human trafficking instruments.

Talked about on this article



Source link

Tags: blindsidedCBEXInvestorsmassiveNigerianPonziScheme
Previous Post

Trump to Launch Monopoly-Inspired Crypto Game Amid Expanding Web3 Push

Next Post

Trade War: China’s ‘Nuclear Option’ Is a Double-Edged Sword, Pakistani Official Warns

Related Posts

India, Indonesia leads with 30,000 cases
Scam Alert

India, Indonesia leads with 30,000 cases

May 31, 2025
Hackers target Solana co-founder in Migos Instagram breach
Scam Alert

Hackers target Solana co-founder in Migos Instagram breach

May 29, 2025
Trader loses $2.5M USDT after falling for address poisoning scam twice
Scam Alert

Trader loses $2.5M USDT after falling for address poisoning scam twice

May 27, 2025
Jan 2024 SEC’s X account hacker got 14 months in prison for cyber fraud
Scam Alert

Jan 2024 SEC’s X account hacker got 14 months in prison for cyber fraud

May 21, 2025
How an insider-led breach sparked a costly scam at Coinbase
Scam Alert

How an insider-led breach sparked a costly scam at Coinbase

May 17, 2025
Coinbase breach: attackers demand $20M ransom
Scam Alert

Coinbase breach: attackers demand $20M ransom

May 15, 2025
Next Post
Trade War: China’s ‘Nuclear Option’ Is a Double-Edged Sword, Pakistani Official Warns

Trade War: China’s ‘Nuclear Option’ Is a Double-Edged Sword, Pakistani Official Warns

Ethereum Metrics Reveal Critical Support Level – Can Buyers Step In?

Ethereum Metrics Reveal Critical Support Level – Can Buyers Step In?

Cardano (ADA) Chart Setup Hints At A Major Upside Ahead – Here’s Why

Cardano (ADA) Chart Setup Hints At A Major Upside Ahead – Here’s Why

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Twitter Instagram LinkedIn RSS Telegram
Coins League

Find the latest Bitcoin, Ethereum, blockchain, crypto, Business, Fintech News, interviews, and price analysis at Coins League

CATEGORIES

  • Altcoin
  • Analysis
  • Bitcoin
  • Blockchain
  • Crypto Exchanges
  • Crypto Updates
  • DeFi
  • Ethereum
  • Metaverse
  • NFT
  • Regulations
  • Scam Alert
  • Uncategorized
  • Web3

SITEMAP

  • Disclaimer
  • Privacy Policy
  • DMCA
  • Cookie Privacy Policy
  • Terms and Conditions
  • Contact us

Copyright © 2023 Coins League.
Coins League is not responsible for the content of external sites.

No Result
View All Result
  • Home
  • Bitcoin
  • Crypto Updates
    • Crypto Updates
    • Altcoin
    • Ethereum
    • Crypto Exchanges
  • Blockchain
  • NFT
  • DeFi
  • Metaverse
  • Web3
  • Scam Alert
  • Regulations
  • Analysis

Copyright © 2023 Coins League.
Coins League is not responsible for the content of external sites.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In