Angry investors stormed the Ibadan office of CBEX in Oke Ado, Oyo State, looting items such as televisions and air conditioners after discovering that their account balances had been wiped out without warning.
The incident happened as panic spread among Nigerians who had put their money into the platform, which is known for cryptocurrency and forex trading.
The trouble began over the weekend when users tried to log in to their CBEX accounts, only to find that their funds had vanished.
Many of them had invested amounts ranging from a few hundred thousand naira to millions, hoping to cash out on April 15—the date CBEX had earlier promised for resuming withdrawals after suspending them on April 11.
But instead of getting their money, they were met with empty accounts and no explanation.
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Frustrated and helpless, some of the investors took matters into their own hands and stormed the office, carrying away everything they could find.
Videos making the rounds on social media captured the chaos, as people expressed their anger and despair.
CBEX had built its popularity through flashy marketing and the promise of quick returns.
It attracted thousands of Nigerians looking to grow their money fast. But now, users say they feel deceived.
The platform gave no prior notice before the balances disappeared, and all attempts to reach the company for answers have failed.
The matter has sparked outrage online, with many taking to platform X (formerly Twitter) to share their experiences using hashtags like #CBEXScam and #JusticeForCBEXInvestors.
Users posted screenshots of their empty wallets and expressed pain over how they lost their savings.
Some talked about dreams dashed, plans ruined, and the shock of realizing they had been scammed.
While some joked to mask the pain, others called for those behind the platform to be held responsible.
The situation has left many wondering whether they will ever recover their money and has deepened the fear around investing in online trading platforms.
As of now, CBEX has not released any statement about the incident, and there are no signs of compensation or refunds.
This is not the first time a trading platform has crashed in Nigeria, but the scale of this loss and the way it unfolded has left many stunned and afraid to trust similar schemes again.
