Angry investors stormed the CBEX office in the Oke Ado area of Ibadan, Oyo State, on Tuesday morning after the digital trading platform reportedly crashed, leaving many users with zero balances in their accounts.
The incident occurred amid growing concerns over the platform’s operational integrity and the safety of users’ investments. CBEX had positioned itself as a secure and transparent platform for cryptocurrency and digital asset trading. It quickly gained popularity among Nigerians seeking alternative investment opportunities in the digital space.
However, its sudden crash has cast serious doubts on the platform’s credibility, with users alleging deceptive practices and poor communication.
Frustrated and angered by the loss of their funds and the lack of response from the company, investors forcefully entered the CBEX premises, looting furniture and office equipment. Videos circulating online show crowds removing items from the office while others stood outside, demanding explanations.
Eyewitnesses reported scenes of chaos and desperation as the crowd vented their anger.
On social media, users shared heartbreaking stories of wiped-out savings and shattered hopes.
Many criticized the platform’s silence in the wake of the crash, saying they had received no warnings or official updates from CBEX before the shutdown.
The situation remains tense as affected individuals continue to call for accountability and legal action.
Authorities have yet to release an official statement or confirm any arrests in connection with the protest and looting.
Meanwhile, the incident adds to a growing list of controversies surrounding digital investment platforms operating in Nigeria, many of which have faced allegations of fraud, mismanagement, or regulatory evasion.
The collapse of CBEX also reignites broader concerns over the safety of cryptocurrency investments in the country.
The Central Bank of Nigeria (CBN) has repeatedly warned about the risks associated with digital currencies, citing their vulnerability to fraud, money laundering, and market instability. These recent developments may further push regulators to tighten oversight of digital finance platforms to better protect investors.
