cbex ponzi scheme

Despite being under EFCC investigation over a ₦1.2 trillion fraud scandal, crypto platform CBEX is back online — and it’s allowing trades and withdrawals again. CBEX is accused of running a Ponzi-like scheme that collapsed in April 2025. Over 600,000 Nigerians reportedly lost money, some their...

A promoter of the cryptocurrency trading platform CBEX, previously declared wanted by the Economic and Financial Crimes Commission (EFCC) for alleged involvement in a fraudulent investment scheme exceeding $1 billion, has voluntarily surrendered to authorities. This development marks a...

The Economic and Financial Crimes Commission (EFCC) has declared eight individuals wanted for allegedly promoting the controversial CBEX scheme, which is suspected of fraudulent activities. The EFCC’s move signals growing concern over the legitimacy of the scheme, which has attracted significant...

A Federal High Court has given the EFCC the green light to arrest staff members of CBEX, a company embroiled in an alleged $1 billion fraud case. The court ruling follows a request by the EFCC to take action against individuals linked to the massive financial scam. This move is a significant...

The new CBEX Act targets promoters of Ponzi schemes, imposing harsh penalties, including up to 10 years in prison and a N20 million fine. This is aimed at curbing fraudulent financial activities in Nigeria. The CBEX Act introduces 10 years of jail time for Ponzi scheme promoters. A fine of N20...