CBEX is not or should I say was not a forex broker (because i read online that they have allegedly closed shop and ran waway with peoples money).
CBEX was actually an online crypto trading platform which claimed to be regulated overseas but this allegedly turned out to be false.
Several Nigerians allegedly claimed to have lost money to CBEX as their website which i checked is now unavailable and telegram groups have been closed.
It seems like the classic ponzi scheme operation once again where people are lured in to invest in an asset, older investors are paid with deposits made by newer investors and the bubble finally bursts when they are no more new investors to take money from to pay the older ones.
What did the Nigerian government authorities do about it? Well, the Securities & Exchange Commission (SEC) has been warning the public to stay away from investment schemes that are not SEC approved/registered.
However, people always ignore these warnings maybe due to herd mentality and fear of missing out mentality, where they think they can benefit before the ponzi scheme crashes.
