A wave of panic rippled through Ibadan on Monday, April 14, 2025, as news broke of a looting incident at the CBEX office in Oke-Ado. According to eyewitness reports and viral social media posts, an angry mob stormed the premises, allegedly in response to the reported crash of the controversial investment platform.
The incident comes amid growing concerns over the legitimacy of CBEX, which had been trending on X (formerly Twitter) for days as users debated whether the platform was a genuine trading service or a cleverly disguised Ponzi scheme. The tension peaked after multiple users reported delays and difficulties withdrawing their funds, triggering widespread fears of an impending collapse.
One viral post read: “CBEX ST has crashed and all money on assets gone. The app and their website are still accessible as of 5:40 PM today, Monday 14th April 2025, but people’s money on the app already gone.”
A well-known social media commentator, Man of Letters (@Letter_to_Jack), added fuel to the fire, describing CBEX’s operations as suspicious and unsustainable. Citing a user who allegedly turned a $1,000 investment into $5,000 in a short span, he warned followers to pull out their funds, calling the platform “a classic Ponzi scheme.”
The fears were amplified further when influencer @poojamedia tweeted, “Cbex is gone? RIP to all withdrawals,” a statement that went viral almost instantly. While some investors scrambled to withdraw their money, others took the opposite route—pouring in more funds in the hopes of cashing out before a total collapse.
However, not all users were convinced of the crash. Supporters of the platform like @BlessedAjoke insisted that the issues were temporary, claiming that withdrawals were only paused until April 15 and dismissing the rumors as unfounded.
CBEX itself has pushed back hard against the swirling allegations. In a statement posted on its official X handle, @cbextrades, the company denied any collapse:
“Being scared can’t solve any problem. We are here to eradicate poverty. We stay here forever. Stop believing random fallacies spreading around. Stay safe. Important announcement coming soon.”
In a follow-up message, the platform reaffirmed its stability:
“Stop panicking and spreading false rumours. Believe in the process. We are still here and will continue to be here. Our goal is not yet achieved.”
Despite these reassurances, the situation remains tense. The looting at the Oke-Ado office and ongoing withdrawal problems have left many investors anxious, with some questioning whether CBEX can survive the storm.
Describing itself as a global leader in digital asset trading, CBEX now faces a critical test of credibility and resilience, as users and regulators alike watch closely to see what unfolds next.
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