Security agents have surrounded the office of CBEX, a cryptocurrency and forex trading platform accused of running a Ponzi scheme, in Ibadan, Oyo State capital.
The deployment of officers from the Nigeria Police Force and Amotekun, Western Nigeria Security Network, aims to prevent further unrest among investors who lost significant sums after the platform suddenly crashed.
The crisis began when CBEX suddenly went offline and ceased operations without explanation, leaving investors with zero balances in their accounts.
A group of angry investors then stormed the CBEX office, making off with furniture and office equipment. The investors had been promised high returns on their investments, but the platform’s abrupt shutdown left them facing financial ruin.
The Securities and Exchange Commission (SEC) has warned Nigerians against patronizing unregistered platforms, emphasizing that any platform not registered with the SEC is considered illegal. Many investors are now seeking recovery of their lost funds and prosecution of those responsible.
