One of the many victims of the recently collapsed Ponzi scheme, CBEX — a fraudulent platform disguised as a legitimate trading business — has come forward with a heart-wrenching account of her experience.
Bolarinwa, a woman who had only just returned to Nigeria after a grueling and dangerous stint working in Libya, broke down in tears at the CBEX office on Tuesday morning. Her pain was palpable as she narrated how she lost a total of $1,000 to the now-defunct platform without receiving a dime in return.
“I invested $200 of my own money,” she said in an emotional interview with reporters, “but I borrowed from my friends to make it $1,000 in total.”
According to Bolarinwa, her neighbor — who had previously benefited from the platform — convinced her to invest, promising that she could double her money in no time. Desperate to rebuild her life after sustaining injuries and surviving turmoil abroad, she took a leap of faith.
“I saw the money my neighbor got from CBEX and thought it was real. I never imagined it would end like this,” she lamented.
Bolarinwa’s story mirrors the experience of countless Nigerians who were drawn into the CBEX trap. Some even went as far as opening physical offices for the scheme, convinced that it was a sustainable and profitable venture.
Trouble began on April 5 when CBEX announced a “free bonus” campaign to attract more investments, running from April 9 to 14. Investors were thrilled by bonuses — some up to $100 — but were soon blindsided when withdrawals were suddenly halted on April 9.
Despite repeated reassurances from CBEX that withdrawals would resume by April 15, panic began to spread. As of April 14, the platform still promised access within “a few hours” — a promise that was never fulfilled. By the afternoon, users logged in only to find that their earnings had vanished completely.
The scheme then posted a suspicious message, claiming a “hack attempt” caused their AI system to trade away all investor funds. In a final twist, the platform urged users to deposit even more money — $100 or $200 depending on their previous balance — as a supposed way to recover lost funds.
With all communication channels locked and thousands left devastated, CBEX has now joined the long list of Ponzi schemes that have scammed unsuspecting Nigerians, leaving behind nothing but shattered hopes and empty wallets.
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