An unsettling situation has unfolded in Nigeria surrounding the CBEX digital investment platform, where users have been locked out of their accounts, sparking widespread outrage and fear.
Nigerians Express Outrage as CBEX Investment App Locks Users Out of Accounts
Nigerians Express Outrage as CBEX Investment App Locks Users Out of Accounts
Nigerians are voicing their anger as the CBEX investment app freezes user accounts, leaving many feeling hopeless about their savings.
Investors have taken to social media to share their distress over being unable to access their funds on the CBEX application, which had initially drawn them in with the promise of high returns. The discontent escalated when some users in Ibadan stormed a CBEX office, seizing furniture and equipment as frustrations reached a boiling point. The company has yet to address the chaos publicly.
One investor, Ola, revealed he was on the verge of withdrawing 450,000 naira (about $280) just before the platform crashed. Similar testimonies flood social media, with reports indicating losses as high as $16,000. The issue first emerged over the weekend, transforming into a frenzy when investors faced continued inaccessibility to their accounts by Monday morning.
CBEX users receiving responses via Telegram were informed that a hack was responsible for the disruption, promising a swift resolution. Meanwhile, Nigeria’s Securities and Exchange Commission (SEC) has not commented officially on the matter despite previous warnings to the public about the dangers of unregulated digital platforms, hinting at potential Ponzi schemes.
Many Nigerians are reminded of the previous financial disaster involving the MMM scheme, which collapsed in 2016, leaving countless investors devastated. The haunting memory weighs heavily as recent events unfold, and individuals grow increasingly anxious about the safety of their investments amidst Nigeria's current economic struggles.
