Chaos erupted in Ibadan as furious investors looted the CBEX office following the platform's sudden collapse. The digital trading service reportedly wiped out account balances, sparking outrage. Authorities warn against unregistered financial schemes, while users demand justice and refunds amid growing concern over online investment scams.
A wave of chaos hit Ibadan’s Oke Ado district on Monday when enraged individuals believed to be investors in the China Beijing Equity Exchange (CBEX) stormed the company’s office. The uproar followed reports that the digital trading platform had abruptly crashed, wiping out user balances and rendering accounts inaccessible.
Eyewitnesses described scenes of panic and fury as dozens of individuals forcibly entered the building, vandalizing property and making away with office equipment, electronics, and furniture. Videos circulating online show aggrieved users chanting and ransacking the premises, accusing the platform’s operators of orchestrating a scam.
Several victims who claimed to have invested large sums of money expressed frustration, stating that their savings were lost overnight. Many took to social media to call for government intervention and legal action against the company.
CBEX, which presented itself as a legitimate platform for digital asset trading, had attracted a significant user base with promises of high returns and secure transactions. However, its sudden disappearance has raised red flags and prompted scrutiny from financial authorities.
The Securities and Exchange Commission (SEC) has since issued a statement warning Nigerians against dealing with unregistered platforms like CBEX, labeling them as illegal.
At the time of this report, no arrests have been confirmed, and the company has not responded publicly to the allegations.
