By Yakubu Binuyaminu
Growing concerns over the legitimacy of digital trading platform CBEX have sparked fears of a potential Ponzi scheme, with multiple users reporting withdrawal delays and warning signs of an impending collapse.
Also See: PCEX Exchange Review: Everything You Should Know About the Exchange
Early Warnings Ignored
On Wednesday, an X user (@Letter_to_Jack) raised alarms after discovering that an investor who put in 1,000∗∗hadwithdrawn∗∗1,000∗∗hadwithdrawn∗∗5,000—a red flag for unsustainable returns.
“After checking the platform, it ticks every box of a Ponzi scheme,” he wrote. “People are cashing out with no losses—that’s a ticking time bomb. Better use your money for betting than this zero-sum game.”
Despite his warning, some users misinterpreted his post as an endorsement, while others dismissed concerns.
Withdrawal Freeze Fuels Panic
By Friday, reports emerged that CBEX had halted withdrawals, with users claiming funds were stuck. Some, however, insisted the platform was merely processing delays until April 15.
- Defenders:
“CBEX is working fine; withdrawals resume April 15. Stop spreading panic!” — @BlessedAjoke
“Calling it a scam won’t make you a finance guru. Just haters!” — @0kparam - Skeptics:
“MMM and Racksterli crashed after similar hype. Nigerians never learn.” — @rukky_nate
CBEX’s Response: Assurance Amid Doubts
The platform’s official X account (@cbextrades) maintained an upbeat tone, sharing updates about recruitment drives and denying collapse rumors:
- “CBEX will never crash. Stay calm—only newcomers panic.”
- “We’re not scammers. Everything is under control.”
Yet, the mixed signals—withdrawal freezes, aggressive recruitment, and past Ponzi parallels—have left investors uneasy.
Why the Skepticism?
- Too-good-to-be-true returns (e.g., 1,000→1,000→5,000 withdrawals).
- Withdrawal delays, a classic Ponzi tactic to buy time.
- Defensive messaging dismissing critics as “haters.”
What’s Next?
If withdrawals don’t resume by April 15, CBEX could face a full-blown crisis. For now, users are advised to exercise extreme caution.
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