Dozens of Nigerian investors are reeling in shock after CBEX, a cryptocurrency exchange, froze withdrawals and subsequently wiped out user account balances, leaving traders unable to access their funds.
According to a report by BBC Pidgin, CBEX announced on April 9 that it was suspending withdrawals due to a “security breach.” The platform promised users that all losses would be refunded by April 15, but instead, traders woke up to zero balances on their accounts.
Videos shared across social media platforms captured the heartbreaking scenes of users in tears as they discovered their funds had vanished.
“Guys, they said I should check my balance now. Zero balance, there’s nothing there. To think I just did this thing two weeks ago,” cried one Nigerian trader in a now-viral clip, claiming to have lost ₦8.7 million (about $5,432).
Tears across Nigeria as CBEX crashes.
For the past days, countless Nigerians have expressed heartbreak over their inability to withdraw funds from the platform.
CBEX has left many back at square one — a painful reminder that “quick money” schemes often come at a heavy cost.
From… pic.twitter.com/PfjvQJ1o2J— Gistme9ja (@Gistme9j) April 15, 2025
Traders Storm CBEX Office in Ibadan After Telegram Groups Vanish
As CBEX shut down its Telegram channels and cut off communication, frustration boiled over. A group of angry investors reportedly stormed the CBEX office in the Oke Ado area of Ibadan, looting furniture and equipment in retaliation.
Footage showed individuals carrying off air conditioners, fans, glass windows, and other office items as tensions flared.
What Happens Next?
CBEX has not issued any further public statement, and Nigerian authorities have yet to announce an official investigation. Meanwhile, the victims — many of whom say they invested their life savings — are left scrambling for answers and demanding accountability.
As the crypto world continues to attract millions of new users in emerging markets, this incident serves as a stark reminder of the risks associated with unregulated platforms.
Alexander Stefanov
Reporter at Coindoo
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over 8 years of experience covering the crypto, blockchain and fintech industries, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics.
Source: https://coindoo.com/panic-in-nigeria-as-crypto-exchange-cbex-erases-accounts-and-freezes-withdrawals/