New Telegraph 
Several Nigerian investors have been seen breaking down in tears after losing millions of naira to CBEX, a digital trading platform that recently crashed.
New Telegraph had earlier reported that the platform became inaccessible after users experienced difficulties withdrawing their funds. Many later discovered that their account balances had been wiped to zero.
Prior to its crash on Monday, April 14, CBEX had positioned itself as a high-yield investment platform, promising users a 100% return on investment within one month. Investments were made strictly in U.S. dollars.
The digital invested platform gives investors a 100 per cent Return On Investment in 30 days. Its purported goal was to create a secure, transparent environment for transactions.
However, the crash has sparked a wave of emotional reactions online, with many investors expressing regret and frustration over their losses.
However, a cryptocurrency expert and security analyst, Taiwo Owolabi, while analysing the crash, said data has shown that the money was moved to a TRX address (yourself:TDqSquXBgUCLYvYC4XZgrprLK589dkhSCf) and a total volume stolen so far in USDT is $847 million and likely to increase.
“They designed the weak website to convince people in the future that it was a security breach that affected them. Apparently, when you make payments, you pay them into a TRX account, and then, immediately, they move it from that TRX wallet, gather it, convert it to USDT, and then to ETH. So, when you are logging into your account, there is literally no money on your profile.
“What you see are just numbers. All the daily activities you do to ‘trade’ increase your money. All the AI trading is fake. When it’s time for withdrawal, they will send you another person’s money.
“Since you won’t be leaving them because of greed. You will most likely put the money back and even more. So, they will use that same money to pay another person. As you spread the word for them, more people will join and do the same.”
Owolabi, while explaining the X space, said that in reality, all the funds are gone. Unless people decide to pay the $100 and $200 verification fees, that way, they will settle some people and leave others to languish.
He also maintained that it was the same way popular Ponzi schemes that have duped Nigerians in the past behaved, adding, “It is a rob Peter to pay Paul’ deal.
