Some really angry investors stormed the office of Crypto Bridge Exchange Smart-Treasures, popularly known as CBEX, early Wednesday morning.
The office, located at 166 Idimu Road, Seliat Bus Stop in the Egbeda-Idimu area of Lagos State, was broken into as the investors searched for company officials following the collapse of the trading platform, which reportedly involves billions of naira in unverified losses.
CBEX was an artificial intelligence-powered cryptocurrency trading platform that allows users to buy and sell digital assets with promises of “100 per cent returns every month.”
When Vanguard visited the office at Egbeda, Alimosho Local Government area of the state, the apparently angry affected investors in their large number, invaded the premises as early as 9 am, broke into the offices after forcing their way through the main gate but could not gain access into the main office.
The office which usually bubbles with various activities has remained deserted as no staff or security could be seen on sight.
The armed policemen, including Rapid Response Squad, RRS, who have been drafted to the area from Lagos State Police Command from Idimu Area “M’ later arrived the scene in their patrol vans at about 10 am to maintain security of lives and property, as well as to prevent a possible breakdown of law and order.
As at press time, 10 am, it could not be confirmed if there was arrest of suspects involved in the scam or the landlord of the building housing CBEX.
Recall that the action followed high tensions last Friday when CBEX subscribers/investors started noticing that the platform had crashed, locking them out and rendering them unable to access their funds.
Responding to the CBEX experience, the Securities and Exchange Commission had reiterated that under the newly enacted Investments and Securities Act 2025, it is now illegal to operate any digital asset exchange or online forex trading platform in Nigeria without formal registration.
In a statement released earlier on Sunday, the SEC stressed that by the new law, “it is an offence in Nigeria for any entity that is not registered by the commission to carry out the business of online foreign exchange trading platforms or related services.”
Meanwhile, on Wednesday, Vanguard observed some victims in tears who claimed to have lost millions of money on the crashed CBEX trading platform.
One of the victims, who simply identified himself as Mr. Segun, about 35yrs, lamented the situation calling on relevant authorities to come to victims’ aid.
According to Segun, “How do I start now.? This place is being used as their office for the crypto trading business called CBEX.
“I was actually confused initially because you see online one China Inner Beijing Equity Exchange and you see another CBEX which is this one, Crypto Bridge Exchange Smart-Treasures. They promised AI technology assisted Crypto trading and in 30 days we get 100 per cent returns of investment being done in dollars.
“You bring in naira equivalent of dollars and put it into CBEX account for trading with huge returns of investment. The persons that introduced me have been on the platform for months before it crashed now and gained huge amounts already. Someone, even built a house through it.
“In the office, they displayed Nigerian Security Exchange, NSE, certificate, EFCC certificate displayed on their wall, lavishly furnished office that leaves no room for doubts. They conduct seminars every Wednesday and Saturday that are filled up. They just opened another office at Ikeja. They have at Ikorodu as well.
“I joined not quite long ago with $1, 700, about N1.7million investment, now I’m at crossroad. I got that money from a cooperative loan I collected with the plan of repaying after making my return.
”Someone, I know lost over $8,000, others, $4,000, and so on, running into trillions of naira.
“We use this opportunity to plead with government and relevant authorities to get on top of this and protect the citizens they swore to protect.
“My wife actually pushed me into it. She advised me strongly to take advantage of it that I should withdraw my dormant savings in First Bank and invest in CBEX. I did it, see where it landed me today. I thought I was smart before, but I have been scammed eventually.
“Though, a lot of people who joined earlier have made millions of naira from it. I was just unfortunate.
“These Ponzi operators do have targets. Once they attain some level of percentage of money then they strike.
“I just realized why they (scammers) scam people now. The kind of money they saw within the little time they started even they did not believe they could realize it. Over a trillion naira was realized.
“I was convinced and confused because they were into crypto trading which is a legitimate business. They said with crypto, if you put N1 million today you can also make N1 million immediately, making it N2 million in total and vice-versa.
“A pensioner, old man died yesterday because of the loss. He just held his chest and passed. Also, a medical doctor is on bed over the loss, at Abule Egba-Ilepo General Hospital now. About 50 nurses are affected, I can tell you authoritatively.
“We learnt that a victim, woman also committed suicide yesterday after learning of the crash. We learnt that she obtained a loan and handed it to her husband to invest in CBEX. Even ICT experts, bankers were also victims.
“Recently, in the last moment they (CBEX officials) were encouraging investors that the money is safe. At some point they said that scammers hacked into their account and have to repack everyone’s money for safety and when the coast is clear it would be restored before this bubble burst.”
Also, Mr. Victor Ozime, a victim, claimed he lost $4,000, while his wife lost $3,000. We are on ground zero. How do we finance our children school fees and pay house rent. I had so many plans for the money. Right now, I feel like ending it all.”
