CBEX Scams Users of $822 Million Moved to Private ETH Wallet

*Investors Balances Drop to Zero

In one of the biggest financial scams in recent digital history, CBEX, a once-popular investment platform, has officially collapsed—leaving devastation in its wake.

The shocking unraveling of the platform reached its peak today when blockchain analysts reported that over $822 million USD (over ₦1 trillion) was allegedly siphoned from user funds into a private Ethereum (ETH) wallet. Mere hours later, CBEX users around the world opened their accounts only to find their balances completely wiped—showing $0.00 across the board.

CBEX had long advertised itself as a revolutionary investment platform, promising guaranteed daily returns, AI-driven trading algorithms, and a transparent system. It built its brand with a sleek interface, heavy social media promotion, influencer partnerships, and fabricated testimonials from supposed high-earning investors. For months, it thrived on a growing community of hopeful users depositing funds in the belief that they had found a legitimate way to build wealth.

But now, it’s all come crashing down. And with it, a trail of broken promises and shattered financial dreams.

According to data from independent blockchain security firm BlockTrace, the wallet address receiving the $822 million was traced back to an account associated with one of CBEX’s administrators—whose identity is now under heavy scrutiny. The transfer, done in staggered amounts over a short 24-hour period, triggered alarm bells across crypto watchdog communities. But by the time most users caught wind of the activity, it was too late.

Within hours, CBEX’s website became unresponsive. Its official Telegram groups were deleted, social media handles vanished, and customer support channels went dark.

Investors from Nigeria, the United States, the UK, and other parts of the world began sharing screenshots of their accounts—all showing the same thing: balance = $0.00.

Financial analysts and crypto investigators are now labeling CBEX a classic Ponzi scheme. The platform operated by paying older investors with deposits from newer ones, all the while maintaining a polished front. It promised returns as high as 15% weekly, with added bonuses for referrals—tactics used to grow the user base exponentially.

There were red flags from the beginning, but many were drowned out by the noise of hype, testimonials, and even staged company events with rented office spaces and actors posing as staff. CBEX gave off the illusion of legitimacy, fooling even seasoned investors into believing they were participating in a breakthrough financial system.

What truly set CBEX apart was how far it went to cloak its deception—creating fake audit reports, manufactured blockchain explorers, and even AI-generated leadership bios.

The Fallout: Over 200,000 Users Affected
Early estimates suggest that over 200,000 users have been affected by the crash, with losses totaling nearly $1 billion USD (₦1.6 trillion). Many victims had invested their life savings, pension funds, or borrowed capital into the scheme.

In Nigeria alone, the crash has sent shockwaves across financial communities, with the CBEX name now trending on social media alongside hashtags like #CBEXScam

Local authorities, including Nigeria’s Economic and Financial Crimes Commission (EFCC), are said to be launching a joint investigation with Interpol and crypto forensics experts to trace the missing funds and identify the perpetrators.

However, the decentralized and anonymous nature of cryptocurrency transactions makes recovery a long shot.