JUST IN: Ibadan Residents Loot CBEX Office In Ibadan After Investors Lose Over N1 Trillion (VIDEO)

TRIXX NG reports that the Ibadan office of popular investment scheme, CBEX, after the scheme finally crashed on Monday, carting over N1 Trillion owned by investors.

The investment platform, which claims to be a trading system that uses Artificial intelligence to trade has become the major point of discussion after investors discovered it was a ponzi scheme disguised as what it claims to be.

Several Nigerians who are part of the scheme, before it crashed on Monday, singlehandedly built offices across the country with one in Lagos which was launched last week.

The offices, as reported, were the meeting points of top investors on the platform who have well over $10,000 and several downlines. These were the set of people expressing confidence in the platform, inviting people to join while preaching that it’s a scheme that would take them out of poverty.

In expression of frustration, residents of Ibadan stormed the office of the scheme and carted some appliances including Televisions, Air conditioners, furniture, to mention but a few.

How CBEX works

Just like a typical ponzi scheme, to register of CBEX, one would need to pay a minimum of $100 and download the scheme’s application. The application wasn’t hosted on any known platforms like google play store or apple store but a self hosted website that shows several signs of insecurity.

After the app has been downloaded, one would also need to download Bybit, an exchange platform where you received your money and exchange it for your local currency.

After the payment has been made, all you need to do when you wake up everyday is to turn on your ‘hosting’, this, according to the platform, is to enable the AI trade for you using two signals daily. People were also encouraged to deposit at least $300 to get good returns of about $5 daily, while it increases as your balance grows. When it gets to $400, you will start receiving $7 daily and when it gets to about $500, you will start receiving $10 daily.

Although, as typical of a ponzi scheme, those who started early made over 100% of their investments at different times, but several people lost money because they had not gotten to the stage of withdrawal, which is always 35 or 40 days after your deposit.

Before the crash

On April 5, CBEX announced across its telegram platforms that there will be free bonus for investors between 9^th of April to 14^th of April. Many were more concerned about the bonuses but little did they know that withdrawals would be paused. However, after getting bonuses as high as $100, attempts to withdraw was paused on April 9 with a promise that it would be opened on April 15.

Until noon of April 14, the platform assured investors that withdrawal would be made available in the next few hours, till investors suddenly discovered that all their earnings had disappeared, indicating the ultimate crash of CBEX.

What CBEX is saying

The platform, as typical of a ponzi scheme, have locked its telegram platforms and explained that there was a hack attempt that brought a surge in the trading system, making the AI to trade with all investors’ funds, leading to a loss.

However, the platform further encouraged investors to deposit $100 for those that have less than $1000, and $200 for those that have more than $1000 to reclaim their funds.

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