Lagos, Nigeria – April 16, 2025 – The cryptocurrency platform Crypto Bridge Exchange Smart-Treasures (CBEX) has reportedly crashed, leaving thousands of Nigerian investors in financial ruin, with many losing millions of naira. Among them is a devastated couple who claimed to have lost over ₦11 million to the now-defunct platform.
💥 CBEX Investors Break Into Lagos Office After Platform Collapse
Dozens of irate investors stormed the CBEX office at Seliat Bus Stop, Egbeda-Idimu, Lagos on Wednesday, forcing their way into the premises in a desperate attempt to confront company officials after they were locked out of the platform. Despite breaking into the compound, they could not access the main office, which appeared abandoned.
The incident prompted a rapid response from the Lagos State Police Command, with armed officers and the Rapid Response Squad (RRS) arriving around 10 a.m. to secure the area and prevent potential violence.
📉 Victims Share Heartbreaking Stories: “My Wife and I Lost Over ₦11 Million”
One of the victims, Mr. Segun, recounted how he and his wife were persuaded to invest in CBEX after being promised 100% returns within 30 days, using AI-powered crypto trading.
“My wife actually pushed me into it,” Segun lamented. “She encouraged me to withdraw my savings and invest. I thought I was smart, but now we’ve lost everything.”
He added that he invested about $1,700 (₦1.7 million) through a cooperative loan. Other investors reportedly lost between $4,000 and $8,000, with total estimated losses running into the trillions of naira.
Some investors displayed deep emotional trauma—a pensioner reportedly died of shock, while another victim, a woman, allegedly committed suicide after taking a loan to invest. A medical doctor is said to be hospitalized due to stress from the loss, and over 50 nurses have been affected.
“Even ICT professionals and bankers were victims,” Segun added. “We were convinced because crypto is a legitimate business, and CBEX seemed professional with seminars, furnished offices, and even certificates from the NSE and EFCC on display.”
🛑 SEC Warns: Digital Exchanges Must Be Registered
Following the incident, Nigeria’s Securities and Exchange Commission (SEC) issued a statement reminding the public that under the new Investments and Securities Act 2025, any unregistered digital asset exchange or online forex platform is illegal in Nigeria.
The SEC warned that operating such platforms without official registration is now a criminal offence, urging Nigerians to verify the legitimacy of investment platforms before committing funds.
