Some users of CBEX, a digital asset trading platform, have dismissed trending reports that it has crashed.
This comes amid concerns over the operations of the platform, with some users warning that it showed signs of being a Ponzi scheme.
Our correspondent gathered that there are growing concerns about the platform’s stability, with many users fearing that their money is now stuck.
While some warned that CBEX could be a potential Ponzi scheme on the brink of collapse, others continued to defend the platform, insisting it remained a legitimate operation.
An X user, Viktor Benson (@viktorbensonyt), claimed that some users had been logged out of their accounts and might not be able to retrieve their money.
The post read, “You need to go to the platform to download the app and you tell yourself that platform is legit. Now you have put money and the website has crashed, and you can’t withdraw. Although people are saying that it is a temporary issue and I like being optimistic that by Monday one will be able to withdraw. Let us wait till Monday; hopefully, you can withdraw your money.”
Meanwhile, another X user, @BlessedAjoke, countered the crash claims, saying, “CBEX is still working perfectly, just that you can’t withdraw until the 15th of April. You people should stop spreading fake news. Stop giving people heart attacks nah.”
Another user, @0kparam, criticised those celebrating the platform’s possible collapse.
“Y’all are acting like CBEX crashing makes you financial sages. Nah, it just makes you bitter haters… Ponzi, yen yen yen. Just stfu, coward,” he wrote.
Speaking to Sunday Ekwutos, three other users confirmed that the platform was still functioning, although withdrawals were currently not possible due to the platform’s rules and regulations.
One of the users, Sodiq Dayo, said he was still actively trading on the platform and noted that the issue with withdrawals would be resolved by Tuesday.
“The platform is still working. The reason why the withdrawal is not functioning at the moment is because of some rules and regulations of the platform, and this will be resolved by Tuesday,” he said.
Another CBEX user, Alli Lanre, stated that as long as users could access the platform, there was no issue.
He advised users not to worry or develop hypertension over rumours of the platform’s crash.
Gbenga Adeboye, another user, expressed both optimism and pessimism, saying, “Basically, no one can withdraw unless the trading volume is completed. However, they promised the whole issue would be over by the 15th.”
Reacting to the issue, a financial expert, Aliyu Ilias, noted a regulatory gap in monitoring online financial businesses in Nigeria.
He stressed the need for continuous oversight from the National Information Technology Development Agency and the Central Bank of Nigeria to discourage unclear financial investments, whether Ponzi schemes or otherwise.
Ilias said, “Nigerians should be cautious of quick-income platforms that could crash at any point in time. The government has a responsibility to fish out the sponsors of these Ponzi platforms, even if they are operating in the cloud.”
A cryptocurrency expert, Kayode Olagunju, also emphasised that Ponzi schemes like CBEX should not be encouraged in the country.
He added that it was shameful that Nigerians continue to fall victim to scams despite the education and warnings provided by crypto experts.
“It is a slap in the face of intellectuals who have written so many articles and guides to help people with zero knowledge about cryptocurrencies. Crypto is vast; it is in the same class as the stock market,” he said.
Checks by our correspondent on the official website of the trading platform revealed that it remained accessible.
However, messages sent by Sunday Ekwutos to the email address listed on the CBEX website were undeliverable at the time of filing this report.
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