CBEX Ponzi Scheme Unveiled: Faces Behind ₦1.3T Fraud Exposed

A massive scandal has rocked Nigeria and Kenya. The CryptoBridge Exchange (CBEX) collapsed in April 2025, revealing a Ponzi scheme that defrauded investors of ₦1.3 trillion (over $800 million). Now, authorities expose the names and faces behind this fraud. Consequently, thousands of victims demand justice, and the fallout sparks a nationwide reckoning.

The Allure of Quick Wealth

CBEX promised a 100% return in just 30 days. It lured investors with slick marketing and tales of instant riches. Operating as ST Technologies International Ltd. and Smart Treasure, the platform targeted Nigeria and Kenya’s struggling economies. Yet, it was a Ponzi scheme. New investors’ funds paid earlier ones, while operators pocketed millions. When CBEX crashed, it blocked withdrawals and demanded “verification fees,” leaving users helpless.

Masterminds Unmasked

Investigations now reveal CBEX’s orchestrators. A mix of foreign nationals and Nigerian collaborators ran the scheme. For instance, Victor Aiguosatile Osamwende promoted CBEX aggressively on Telegram. After the collapse, he allegedly threatened victims. Moreover, CBEX links to LWEX, a similar scam targeting Slovakia and Hungary. This suggests a global criminal network exploiting vulnerable populations.

Victims’ Anguish

The collapse devastated investors. In Lagos, crowds stormed CBEX’s office at 166 Idimu Road, Egbeda-Idimu, seeking answers. In Oyo State, others vandalized company property. One Lagos man lost ₦11 million—his family’s life savings. “We trusted them,” he told reporters, voice breaking. Social media overflows with similar stories, echoing the pain of the 2016 MMM scam.

Regulatory Response

The SEC Nigeria acted swiftly. It confirmed CBEX lacked registration to trade digital assets. On April 17, 2025, SEC’s Emomotimi Agama issued a warning. He urged Nigerians to avoid unregistered platforms. The new Investments and Securities Act (ISA) 2025, signed by President Tinubu, bolsters SEC’s powers. It criminalizes Ponzi schemes, with penalties up to 10 years in prison and ₦40 million fines.

EFCC’s Pursuit of Justice

The EFCC vows to recover funds and arrest culprits. Spokesperson Dele Oyewale, on Channels TV, said EFCC had flagged CBEX earlier. Now, it collaborates with Interpol to track operators. “We’ll ensure justice,” Oyewale promised. For victims, this offers hope, though recovery remains uncertain.

Government and Public Reaction

The House of Representatives demands action. Spokesman Akin Rotimi pressed EFCC and police to pursue CBEX’s operators. He also warned celebrities against endorsing unregistered platforms, citing ISA 2025 liabilities. Meanwhile, Taiwo Oyedele, head of the Presidential Fiscal Policy Committee, expressed sympathy. He called for financial education to shield Nigerians from scams. Since 2016, over 50 Ponzi schemes, like MMM and Red King Chinmark, have cost billions. CBEX now joins this grim list.

A Call for Vigilance

The CBEX scandal underscores the risks of unregulated investments. For victims, unmasking the culprits brings mixed emotions—validation but also pain. As EFCC and Interpol hunt the perpetrators, Nigeria grapples with a familiar menace. Financial literacy and stricter oversight are crucial. For now, the nation watches, hoping justice heals the wounds of this ₦1.3 trillion betrayal.