In the crowded marketplaces of Lagos and Nairobi, the promise of easy riches has always proven irresistible. In early 2024, Crypto Bridge Exchange better known by its acronym CBEX emerged with a pitch too good to refuse: deposit funds into a “cutting‑edge AI trading” system and watch them double in just 30 days. It claimed to be backed by Chinese equity markets, adopting the name “China Beijing Equity Exchange” without any real ties to the established institution of that name. Though regulators had repeatedly flagged unregistered digital trading platforms since January, CBEX swept past warnings and, by April 2025, had attracted hundreds of thousands of Nigerians and Kenyans chasing 100% monthly returns
Behind CBEX’s glossy website lay a textbook Ponzi engine. Investors were issued unique TRON (TRX) wallet addresses and enticed further by tiered referral bonuses: recruit others and earn up to 20% of their deposits. To withdraw, participants were told they needed to pay a “verification” fee upwards of $100after which supposed trading profits would be unlocked. In reality, no real trading ever occurred. The platform’s administrators rotated through at least four domain names from cbex.cx in January 2024 to cbex39.com by February 2025 seemingly to evade take down efforts and confuse would‑be investigators.
As the scheme ballooned, blockchain forensics traced the money trail: incoming TRX deposits were swiftly converted into USDT and USDD, routed through Ethereum, and then funneled into major exchanges such as OKX and Bitget. Further analysis exposed links to Huione Pay, a darknet laundering outfit based in Southeast Asia, suggesting that CBEX was just one arm of a well‑resourced global fraud network. By mid‑April, withdrawals abruptly ceased, channels were locked, and CBEX’s website vanished leaving a remarkably sophisticated Ponzi apparatus laid bare.
The human toll was swift and brutal. In Ibadan-Nigeria, videos circulated of CBEX’s local office being stormed by angry investors demanding their cash. One graduate, Okikiola Abdul, had invested $300 with dreams of renting his own apartment; instead he watched those savings disappear, lamenting on Telegram that he never received the promised $600 payout. Across Kenya, Nairobi school teacher Jane Mwangi described waking in terror to find her entire life savings invested through a family member’s account wiped out overnight. “I thought I was securing my children’s future,” she told a local reporter. Thousands more recounted similar ordeals, their stories echoing across social media feeds cite.
Authorities put the scale of the losses at roughly ₦1.3 trillion (approximately $800 million), making CBEX arguably the largest Ponzi collapse in West African history. Yet some independent analysts caution that on‑chain data suggests total deposits may be significantly lower closer to $6.1 million—raising questions about how much of that figure reflects real blockchain transactions versus self‑reported claims by victims. Regardless of the precise sum, the fallout has left families destitute and trust in digital finance badly shaken.
Regulators and law enforcement have belatedly mobilized. The Economic and Financial Crimes Commission (EFCC) of Nigeria confirmed it had been monitoring the platform prior to its collapse and is now collaborating with Interpol and the FBI to trace the perpetrators. In a statement on April 17, the EFCC vowed to recover frozen assets and prosecute anyone involved, citing the new Investment and Securities Act 2025 which now carries up to ten years’ imprisonment for Ponzi operators.
CBEX is the latest in a long parade of digital‑age Ponzi schemes that have preyed on economic hardship and regulatory gaps. Nigerians were first blindsided in 2016 by MMM, which promised 30% monthly returns before freezing member accounts and igniting panic across the country. Since then, well over fifty such schemes including Ultimate Cycler, Get Help Worldwide, and Donation Hub have surfaced, collectively draining an estimated ₦4.8 trillion from unsuspecting investors.
As the dust settles on CBEX’s collapse, its greatest legacy may be as a cautionary tale. In regions where unemployment and inflation remain high, the siren call of guaranteed windfalls can override basic due diligence. Without stronger cross‑border regulation, better investor education, and more rapid enforcement, the next CBEX or something far worse will surely be just around the corner.
