In this news:
‘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,
the incident took place on Monday evening after users lost access to their
According to several posts on X, the CBEX, which promised
investors a 100 percent return on
investment, began experiencing trouble last weekend.
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.
“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.
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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