Tension flared in Lagos on Wednesday as angry investors stormed the Egbeda office of the now-defunct Crypto Bridge Exchange Smart-Treasures (CBEX), a crypto firm that promised 100% returns in 30 days using AI-powered trading.
CBEX operated from a well-furnished office in Alimosho, flaunting certificates from the Nigerian Stock Exchange and EFCC to appear credible.
But last Friday, panic set in after users were suddenly locked out of their accounts sparking fears of an exit scam.
By the time Vanguard visited the office at Seliat Bus Stop, aggrieved investors had forced their way through the gate but found the premises locked and deserted.
No staff or security were in sight. Police from the Rapid Response Squad (RRS) later arrived to control the crowd.
Victims say they’ve lost millions. One man, Victor Ozime, said he and his wife lost over $7,000 (about N11 million). “We’re finished. Rent, school fees we don’t know what to do,” he said.
Another investor, Mr. Segun, said he lost $1,700 from a cooperative loan. “They showed us fake success stories and AI promises. My wife and I believed them,” he said, adding that CBEX recently opened branches in Ikeja and Ikorodu to attract more investors.
Tragically, the fallout includes reports of a suicide, a pensioner’s death, and a doctor now in critical condition.
The Securities and Exchange Commission (SEC) has reminded the public that running a digital asset or forex platform without registration is illegal under the 2025 Investments and Securities Act.
The agency urged Nigerians to steer clear of unlicensed schemes and pledged enforcement action.
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