EXPLAINER: Why CBEX is trending on X

The platform, CBEX, is currently trending on X (formerly Twitter) as Nigerians online remain divided —some are warning of a potential Ponzi scheme collapse, while others are defending what they believe is still a legitimate operation.

This is coming amid withdrawal issues and mounting skepticism; CBEX’s future hangs in the balance, prompting calls for caution among users.

CBEX has come under intense scrutiny on social media, particularly on X, following concerns that it may be operating as a Ponzi scheme. The controversy was ignited when a popular user, Man of Letters (@Letter_to_Jack), raised alarms over the platform’s activities.

On Wednesday, @Letter_to_Jack posted about someone who allegedly turned a $1,000 investment on CBEX into $5,000. Despite the profitability, he described CBEX as a “classic Ponzi scheme,” citing the platform’s suspiciously consistent returns with no reported losses as a major red flag. He predicted an impending collapse and advised users to withdraw their funds immediately.

Similarly, on Friday, social media influencer @poojamedia tweeted:
“Cbex is gone? RIP to all withdrawals.”

The posts quickly went viral, sparking mixed reactions. Some interpreted them as warnings and urged others to exit the platform before a potential collapse. Others, however, saw it as an endorsement and rushed to invest, hoping to make quick gains before any downturn.

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Reports soon emerged that CBEX had halted withdrawals, intensifying fears that the platform had crashed. Users with funds trapped in the system voiced panic and frustration over their inability to access their money.

Despite the growing unease, CBEX loyalists pushed back. User @BlessedAjoke claimed that withdrawals were only paused until 15 April, dismissing rumours of a collapse as “fake news.” Others, like @0kparam, criticised the sceptics, accusing them of spreading negativity and envy.

CBEX, through its official X account @cbextrades, denied the platform was shutting down and attempted to reassure users:

“Being scared can’t solve any problem. We are here to eradicate poverty. We stay here forever.
Stop believing random fallacies spreading around. Stay safe.
Important announcement coming soon. Follow our official account for updates and bonuses.”

In another post, the handle added:

“Stop panicking and spreading false rumours. Believe in the process. We are still here and will continue to be here. Our goal is not yet achieved.
Important announcement coming soon. Follow our official account for updates and bonuses.”

CBEX is described as a global leader in digital asset trading, serving users across the world.