Cbex: Are Nigerians Greedy or Gullible?

Nigeria has witnessed another heartbreaking episode in the long-running series of digital investment heartbreaks, Cbex.

This time, the spotlight is on CBEX Group, a supposed crypto trading platform that promised high returns, flashy dashboards, and a path to financial freedom only to leave thousands of Nigerians stranded and their funds inaccessible.

But the question on everyone’s lips now is, Were Nigerians greedy, or were they simply gullible?

From promise to panic

CBEX was marketed as a digital asset trading platform, offering a safe and transparent environment to buy and sell cryptocurrencies. 

With its clean interface, seemingly real-time transaction records, and early return on investments for a few, it quickly gained traction among Nigerians especially young people and online investment communities looking for the next big crypto win.

According to a recent advisory by Hong Kong’s Securities and Futures Commission (SFC), CBEX was flagged for suspected virtual asset fraud. The warning didn’t come alone, the Hong Kong Police Force also took action to block websites linked to CBEX and its sister operation, Bitget Pro. 

The issue? Massive difficulties in fund withdrawal, false affiliations, and deceptive tactics that misrepresented the platform’s activities.

Dummy withdrawals, real losses

One of the most damning claims is that CBEX displayed fake withdrawal records to make users believe everything was working fine. Behind those digital smoke screens were frustrated investors unable to access their own money. 

Some were even asked to pay more fees just to “unlock” withdrawals that never came. These are classic Ponzi scheme behaviors: early users get paid with new users’ money, until the pyramid inevitably collapses. And collapse it did.

In Nigeria, CBEX’s crash didn’t just happen online, it spilled into the streets. Angry investors, some of whom had put their life savings into the platform, stormed and vandalised CBEX’s local office in a desperate attempt to reclaim their funds or demand justice.

Nigerians history of Ponzi Scheme

For many Nigerians, this isn’t their first rodeo with fraudulent investment schemes. From MMM to MBA Forex and now CBEX, the cycle seems all too familiar. But each time, the schemes become more sophisticated, the interfaces slicker, and the lies more believable.

CBEX reportedly claimed to be licensed in countries like Canada and Japan and even hinted at affiliations with reputable trading bodies claims that have since been debunked or exposed as misleading.

The platform knew what it was doing. And sadly, so did many of the “insiders” who promoted it aggressively on TikTok, WhatsApp groups, and Telegram channels.

So, who’s to blame?

It’s easy to say Nigerians are greedy, always looking for quick money. But that’s only scratching the surface. Many who invested weren’t trying to double their money overnight; they were just desperate for school fees, rent, hospital bills, or simply a better life in an economy where the naira keeps losing value and job opportunities are shrinking.

However, gullibility does play a role. In a digital world where “crypto” is treated like magic, too many Nigerians still rely on hearsay over research, and testimonies over facts. 

When flashy dashboards and fake withdrawal alerts are enough to convince thousands, we must ask: how can we improve digital literacy and protect ourselves from repeating this again?

Regulators can only do so much. Until Nigerians start asking tougher questions, demanding proof over promises, and prioritizing long-term security over short-term gain, schemes like CBEX will keep finding new victims.

So again we ask: Are Nigerians greedy, or simply too trusting in the face of financial desperation?