Screenshot from a video of aggrieved investors looting CBEX office in Ibadan
Aggrieved ‘investors’ have reportedly looted the office of Smart Treasure (ST Team), an arm of the CBEX crypto trading platform, in the Oke Ado axis of Ibadan, the Oyo state capital.
In multiple videos circulating on social media, the investors were seen breaking into the company’s premises, carting away valuables such as air conditioners and office furniture.
Although the police is yet to release an official statement, TheCable understands that the incident took place on Monday evening after users lost access to their funds.
According to several posts on X, the CBEX, which promised investors a 100 percent return on investment, began experiencing trouble last weekend.
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The reports said by Saturday, many users began complaining that they could no longer withdraw their funds.
The company, in a video on its X page, urged investors not to panic, announcing new updates to its platform.
On Monday, following the attack, the CBEX said it had started verifying all accounts in order to compensate users.
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“To complete verification, users with account funds below or equal to $1000 need to deposit $100,” the platform said on X.
“If account funds > $1000: You need to deposit $200 to complete the verification. Save deposit proof: After completing the deposit, please be sure to save your deposit proof (such as a screenshot of the transaction record) for subsequent verification during withdrawal.
“Until April 17, 23:59 UK time), all withdrawal applications for accounts will be suspended. Once the compensation concludes, accounts meeting the trading volume requirements can withdraw normally.”
The CBEX later said users would receive compensation within 24 hours of completing the verification deposit.
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The crypto firm also warned that any account that fails to verify by 11:59 pm on April 17 (UK time) would be regarded “fraudulent and permanently banned”.
On March 15, the Economic and Financial Crimes Commission (EFCC) had issued a public alert listing 58 companies operating illegal Ponzi schemes in Nigeria, asking citizens to steer clear.
Under the newly passed Investments and Securities Act (ISA) 2025 signed by President Bola Tinubu, operators of such illegal investment schemes risk a minimum fine of N20 million, 10 years in prison, or both.
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