In a shocking exposé, TechCabal has uncovered the intricate details of CBEX, a Ponzi scheme that masqueraded as a legitimate cryptocurrency trading platform, duping thousands of Nigerians out of millions of dollars. The scheme, which promised investors astronomical returns on investment, was operated by a faceless entity with ties to Nigeria, China, and other countries.

CBEX, also known as CryptoBridge eXchange, claimed to offer a revolutionary AI-powered trading bot that could double investors' money in just 30 days. The platform's website, which is still active, touted a "Futures" tab that allowed users to trade the BTC/USDT pair, with "Call" and "Put" options promising varying percentages of success. However, behind the façade of a legitimate trading platform, CBEX was secretly siphoning funds from unsuspecting investors into a complex network of wallets and accounts.

An investigation by TechCabal revealed that CBEX was operating in partnership with Super Technology (ST) Team, a crypto trading group with physical offices in Nigeria. The group had set up offices in Ibadan and Lagos, where they recruited unsuspecting investors with promises of easy wealth. However, when the scheme was exposed, Super Technology quickly deleted all traces of its internet presence, including its social media platforms.

Further analysis of CBEX's operations revealed a sophisticated system of smurfing, where funds were broken down into smaller amounts and transferred through a network of intermediate wallets to conceal their origin. The scheme's operators used a combination of multi-level marketing (MLM) and Ponzi techniques to lure investors, promising them astronomical returns on investment. In reality, the only people making money were the scheme's operators, who were using the funds to enrich themselves.

One of the victims of the scheme, who identified only as "Earth Laureate," shared her story with TechCabal. She had invested $2,600 on the platform, hoping to make a quick profit. However, when she tried to withdraw her funds, she discovered that the platform had frozen withdrawals. "I'm in a low place," she said. "I just want to recover my $22,000." Her story is just one of many, with thousands of Nigerians estimated to have lost millions of dollars to the scheme.

The Nigerian Securities and Exchange Commission (SEC) has issued a public notice stating that neither CBEX nor its affiliates were granted registration to operate as a digital assets exchange or solicit investment from the public. The regulator has promised to take "appropriate enforcement action" against CBEX, its affiliates, and promoters.

The CBEX scandal highlights the need for greater education and awareness about cryptocurrency and forex trading in Nigeria. The country may be one of the most crypto-native nations in the world, but knowledge about these topics is concentrated among a few people. The SEC has called for patience among stakeholders as it rolls out regulatory guidelines to enforce compliance.

In the meantime, Nigerians who invested in CBEX are left to pick up the pieces. The scheme's operators remain at large, and it is unclear whether they will be brought to justice. As one investor lamented, "If it looks, smells, walks, and talks like a Ponzi, it is likely a Ponzi." The CBEX scandal serves as a stark reminder to always approach investment opportunities with caution and to do thorough research before parting with hard-earned money.