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CBEX crash: Lookout for victims of ponzi scheme – Wike’s aide to EFCC, police

Published on April 15, 2025 at 04:33 PM

Lere Olayinka, the spokesman of the Minister of the Federal Capital Territory, FCT, Nyesom Wike, has reacted to the crash of digital trading platform known as CBEX.

Olayinka charged the Economic and Financial Crimes Commission, EFCC, and police to be on the lookout for victims of the CBEX, which he described as a ponzi scheme.

On Monday evening, residents of Ibadan, Oyo State invaded the office of CBEX located at Oke Ado area to protest over the crash of the platform.

DAILY POST reports that scores of Ibadan residents had invested in the online trading platform.

The crash of the online trading platform was announced on Monday.

This made scores of investors to to express their displeasure, while carting away valuables.

Reacting to the incident, Olayinka wrote on X: “As for victims of CBEX, police and EFCC should be on the lookout.

“I don't have sympathy for greediness and foolishness.”

Meanwhile, Nigerians had taken to social media platforms to decry their losses following the crash.

Nigerians were said to have lost over over the development.

The crash of CBEX, which operates without legal approval from the Nigeria Securities Commission, led to the wallets of investors vanishing.

The digital platform also locked its Telegram channels and postponed withdrawals while offering investors the option of $2,000 for $200 verification and $1,000 for $100 verification.

CBEX is a digital asset trading platform that gives investors 100 per cent Return On Investment, ROI, in 30 days.

The platform is said to display falsified withdrawal records to mask the difficulties users face when trying to access their funds.

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