Social media was abuzz on Friday following concerns about the operations of CBEX, a digital asset trading platform, with several users warning that it shows signs of being a Ponzi scheme.
On Wednesday, an X user, Man of Letters (@Letter_to_Jack), posted a cautionary note after learning about an individual who reportedly invested $1,000 in CBEX and had since withdrawn $5,000.
After reviewing the platform, he expressed serious doubts about its legitimacy.
āHaving done all my checks, the platform flies all the flags of a Ponzi scheme,ā he wrote. āPeople are cashing out steady with no losses. You know what that means? Easter, Ileya or Xmas.ā
He added, āFor those who donāt understand, what Iām telling you is the crash is imminent; itās better to use your money to play bet than to go into this. Itās at best a zero-sum game. You will cry.ā
However, his message seems to have been interpreted in different ways by X users with some believing he was promoting the platform.
Meanwhile, in a development on Friday, there have been fears that the platform has now crashed with many having their money stuck on the platform.
Reacting to the development, X user Ajoke (@BlessedAjoke) said, āCbex is still working perfectly just that you canāt withdraw until 15th of April. You people should stop spreading fake news. Stop giving people heart attack nah.ā
Another user, aust;n (@0kparam), criticised those celebrating the platformās possible collapse.
āYāall are acting like cbex crashing makes you financial sages. Nah, it just makes you bitter haters⦠Ponzi, yen yen yen. Just stfu coward,ā he wrote.
However, some users highlighted the risks involved, with Mazi Nathan (@rukky_nate) comparing CBEX to past Ponzi schemes.
āMMM was a global Ponzi scheme that later crashed. Rackstelli was a local Ponzi scheme that also later crashed. CBEX had all the hallmarks of a Ponzi scheme but Nigerians are just too greedy with short-term memories,ā he wrote.
In the midst of the debate, CBEXās official X handle, @cbextrades, maintained a tone of optimism, sharing updates about its outreach activities and ongoing summits.
āToday, the instructors from the Abeokuta office went outside the office, actively going door-to-door to promote the project and encourage people to participate in this great initiative,ā one post read.
Another post stated, āCBEX can never crash at all. We will forever stand strong. Donāt panic at all. Only those who havenāt been with us for long will panic and lose hope.ā
A third post read, āEveryone should remain vigilant, avoid clicking on unfamiliar links, and never share your account password or verification code with others to prevent scammers from taking advantage.ā
āWe arenāt running away with nobodyās money. Everything is in order. Cbex exchange will forever stand.ā
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To me nothing wrong with c bex.