Devastated Investors Storm CBEX Office in Ibadan, Loot Items 

Chaos erupted in Ibadan on Monday as a mob of alleged angry investors stormed the China Beijing Equity Exchange (CBEX) office in the Oke Ado area following the reported crash of the digital trading platform.

Eyewitnesses said the enraged crowd broke into the office, looting furniture, electronics and other valuables.

The incident was allegedly triggered by the sudden collapse of the CBEX platform, which reportedly wiped out user account balances, leaving many investors devastated.

According to investors, the people behind the digital platform have carted away over N1.3 trillion from their wallets after crashing on Monday.

A video circulating on social media shows the scene of the unrest, with a large crowd forcibly entering the premises and removing items.

Several affected users have taken to social media to voice their anger and recount their losses, accusing the platform of fraud and demanding justice.

CBEX has locked its Telegram channels and restricted WhatsApp groups. It has also introduced a verification fee where users are asked to pay $100 or $200 to supposedly unlock $1,000 or $2,000, respectively.

As of the time of reporting, authorities have not issued an official statement, and it remains unclear if any arrests have been made in connection with the looting.

CBEX launched in Nigeria in July 2024, promising investors a 100 percent return in 30 days. Users were encouraged to refer others, with bonuses and tiered rewards based on the size of their referral network.

CBEX was introduced as an online platform designed to facilitate digital asset trading. Its purported goal was to create a secure, transparent environment for transactions. However, its operational model now comes under scrutiny as allegations of fraud and deceptive practices emerge.

The Securities and Exchange Commission (SEC) has since reacted to the operations of CBEX, saying platforms that operate like that and are not registered with the SEC are illegal.