Video: Mob loots CBEX office following sudden platform crash wiping out user balances
Abdullateef Fowewe
A mob of angry investors stormed and looted the China Beijing Equity Exchange (CBEX) office in the Oke-Ado area of Ibadan following the sudden crash of the digital trading platform that wiped out user account balances.
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Eyewitnesses reported that the crowd forcibly entered the premises, stealing furniture, electronics, and other valuables amid growing frustration over lost investments.
The CBEX platform, which promised a 100% return on investment within a month, abruptly suspended withdrawals days before the collapse, leaving many users unable to access their funds.
When users finally checked their accounts, they found their balances had dropped to zero, sparking outrage and accusations of fraud and Ponzi scheme operations.
Videos circulating on social media show the chaotic scene of the looting and emotional reactions from affected investors, including women seen in tears lamenting their losses.
Many investors have taken to social media to express their anger and demand justice, Dailyeconomy reported.
However, the Securities and Exchange Commission (SEC) has warned Nigerians against investing in unregistered digital asset platforms like CBEX, emphasising that operating such platforms without registration is illegal under the newly enacted Investments and Securities Act (ISA) 2025.
The SEC is now empowered to regulate virtual and digital asset exchanges to protect investors and maintain market integrity.
As of now, authorities have not confirmed any arrests related to the looting, and the future of CBEX remains uncertain amid ongoing investigations and public outcry.
