The dust is far from settled following the collapse of CBEX, an experience that has left many victims across Africa describing it as painful and a harsh lesson learned.
What started as a digital dream for hundreds of thousands of investors swiftly devolved into a mega grift worth over $840 million, transforming into a widespread nightmare. The collapse of CBEX, a platform that promised prosperity but delivered only pain, has left a trail of broken lives stretching from Nigeria to Kenya, serving as a stark warning to a continent rapidly embracing a digital future without adequate safety nets.
CBEX, also known as CryptoBridge Exchange, marketed itself as the “next big thing” in Africa’s FinTech landscape. It was presented as a crypto-powered trading platform backed by artificial intelligence, promising tantalizing returns of up to 100% in just 30 days. For many, this sounded like a “golden ticket,” requiring only a simple sign-up through a website or app, often shared via WhatsApp or Telegram by trusted friends.
CBEX was, in reality, a classic Ponzi scheme, a sophisticated illusion built on trust and desperation. It operated by paying off earlier investors with money collected from subsequent ones, with the con artists taking their share at opportune moments.
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