Nigerian trading platform CBEX exposed as Ponzi scheme, with total losses of nearly $12 million

On April 16th, according to CryptoSlate, the Nigerian digital asset trading platform CBEX was exposed as a Ponzi scheme, causing a large number of investors to suffer losses. Independent crypto analyst Specter conservatively estimates the total loss to be close to $12 million. The CBEX platform, under the guise of an AI quantitative strategy, promises to double returns within 30 days, attracting a large number of investors to participate and requesting commissions from new customers, essentially a typical Ponzi structure. The project was even promoted as a 'poverty alleviation program' in Nigeria's national media, further misleading users. This month, CBEX suddenly froze user accounts, resulting in the inability to withdraw coins. Some investors surrounded its offices in Ibadan and Lagos, and a large number of victims publicly exposed it on social media. Independent analyst Specter pointed out that CBEX is related to other similar scams LWEX and PCEX, suspected of sharing website architecture and fund flow patterns. The related wallets are also related to the Southeast Asian payment system Huione Pay, which has been listed by Elliptic as one of the main hubs for money laundering and telecom fraud, involving suspicious transactions of over $24 billion.