CBEX: Current Status and Latest Updates

Tension in Ibadan as the CBEX office was looted following the platform shutdown

There was unrest in Ibadan on Monday following the reported shutdown of CBEX, a digital asset trading platform known as the China Beijing Equity Exchange. A crowd of individuals believed to be affected investors stormed the CBEX office in the Oke Ado area and looted property.
Eyewitnesses at the scene confirmed that several items, including furniture and electronics, were taken during the incident. A video that surfaced online shows the crowd forcing their way into the office and removing valuables.
Many of those present claimed to have lost access to their CBEX accounts, with user balances allegedly disappearing shortly before the platform became unresponsive.

Reactions flood social media as CBEX users report lost funds

Shortly after the incident, several individuals who say they invested in the platform began sharing their experiences online. Screenshots and testimonies show account dashboards dropping to zero, with some users claiming they could no longer withdraw their funds.
Others said they received messages about pending verifications, new payment requests, and sudden changes to the withdrawal process.
As of now, CBEX has not released an official statement regarding the shutdown. Their public channels on platforms like Telegram appear to be inactive, with access restricted or limited for many users.

CBEX Trading Platform reportedly moved funds into a private wallet

There are also claims circulating that a large sum—estimated at over $822 million—was recently moved from user-associated wallets into a private Ethereum address. Based on blockchain tracking reports shared by crypto analysts online, the amount is said to be approximately $822,852,811.66, which is over ₦1.3 trillion when converted.
While these reports remain unverified by official authorities, they have intensified concerns about the platform’s operational transparency. Many users are now demanding a formal investigation to trace the destination of the funds and clarify the status of the company.
In the middle of the ongoing confusion, some users shared updated messages allegedly sent by the platform, requesting additional payments for account verification.
According to the messages, investors with balances above $1000 are expected to pay $200, while those with balances below that amount are required to pay $100. These payments, it said, would help with user authentication and allow withdrawals to resume.
However, many users expressed hesitation and confusion over the request, especially since withdrawals have already been suspended.

SEC responds to CBEX operation amid growing public concern

The Securities and Exchange Commission has also reacted to the ongoing situation. In a recent advisory, the SEC reminded the public that platforms involved in asset trading must be registered. The Commission explained that operations like CBEX that are not licensed fall outside regulatory protection, and investors should approach such platforms with caution.
The SEC did not confirm if any investigation into CBEX has been officially opened but advised Nigerians to verify the registration status of platforms before investing.

CBEX initially presented itself as an AI-powered digital trading platform, promising high returns in short periods. The platform gained popularity with users who engaged in daily “trading tasks” while watching their dashboards show increasing profits.
But recent findings by independent observers suggest that funds were reportedly routed through TRX wallets before being converted into USDT and Ethereum. This has raised fresh concerns about how the platform operated and where user funds were held during active trading.
For many, the recent events have raised questions about the stability of digital trading platforms and the need for more oversight in the fintech space.

What is the current status of CBEX?

At the time of writing, there is no official update from CBEX regarding the reported fund movement or platform outage. No arrests have been confirmed following the incident in Ibadan, and the looted office remains under review by local authorities.
Many affected users are still hoping for clarity. Others have called on regulatory bodies and law enforcement to look into the situation and provide answers.
The situation surrounding CBEX is still unfolding. While several users have shared personal testimonies and data linked to the platform’s activities, no official conclusion has been reached. Investigations may help determine what truly happened and whether the platform will resume operations or face arrests.