Panic in Nigeria as Crypto Exchange CBEX Erases Accounts and Freezes Withdrawals
Dozens of Nigerian investors are reeling in shock after CBEX, a cryptocurrency exchange, froze withdrawals and subsequently wiped out user account balances, leaving traders unable to access their funds.
According to a report by BBC Pidgin, CBEX announced on April 9 that it was suspending withdrawals due to a “security breach.” The platform promised users that all losses would be refunded by April 15, but instead, traders woke up to zero balances on their accounts.
Videos shared across social media platforms captured the heartbreaking scenes of users in tears as they discovered their funds had vanished.
“Guys, they said I should check my balance now. Zero balance, there’s nothing there. To think I just did this thing two weeks ago,” cried one Nigerian trader in a now-viral clip, claiming to have lost ₦8.7 million (about $5,432).
Tears across Nigeria as CBEX crashes.
For the past days, countless Nigerians have expressed heartbreak over their inability to withdraw funds from the platform.
CBEX has left many back at square one — a painful reminder that “quick money” schemes often come at a heavy cost.
From… pic.twitter.com/PfjvQJ1o2J— Gistme9ja (@Gistme9j) April 15, 2025
Traders Storm CBEX Office in Ibadan After Telegram Groups Vanish
As CBEX shut down its Telegram channels and cut off communication, frustration boiled over. A group of angry investors reportedly stormed the CBEX office in the Oke Ado area of Ibadan, looting furniture and equipment in retaliation.
Footage showed individuals carrying off air conditioners, fans, glass windows, and other office items as tensions flared.
What Happens Next?
CBEX has not issued any further public statement, and Nigerian authorities have yet to announce an official investigation. Meanwhile, the victims — many of whom say they invested their life savings — are left scrambling for answers and demanding accountability.
As the crypto world continues to attract millions of new users in emerging markets, this incident serves as a stark reminder of the risks associated with unregulated platforms.
Alex is Editor-in-Chief of Coindoo and co-founder of Millennial Media Group, with nearly a decade of experience covering financial markets - crypto first, then everything else. It started in 2016 with Bitcoin. Like most people at the time, he didn't fully understand it - so he kept digging. Blockchain, tokenomics, the projects, the cycles. That curiosity never stopped, and eventually pulled him into traditional markets too: equities, commodities, macro. Not because he left crypto behind, but because you can't properly understand one without the other. What drives him is straightforward: he wants to know why something is happening, not just that it's happening. Most market coverage stops at the headline - price up, price down, here's a chart. Alex finds that kind of reporting actively unhelpful. If you walk away from an article without understanding the mechanism behind the move, what did you actually learn? He holds a degree in Tourism from New Bulgarian University - not the most obvious path into financial markets, but markets have a way of pulling in people who are simply too curious to stay out. He has authored over 200 in-depth analyses and more than 10,000 articles across crypto and traditional finance. He still thinks every day in markets teaches him something new. That's probably why he hasn't stopped.
