Chaos erupted in Ibadan’s Oke Ado area on Monday evening as aggrieved investors stormed and looted the office of Smart Treasure (ST Team), an affiliate of the CBEX cryptocurrency trading platform, following the platform’s sudden collapse.
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Viral videos circulating on social media showed a mob breaking into the premises and carting away valuables—including air conditioners, fans, furniture, and other office equipment—in a desperate response to their financial losses.
The incident, which has sparked widespread outrage, occurred after CBEX users reported losing access to their funds over the weekend. According to posts on X, the platform—known for promising a 100% return on investment within a month—began experiencing withdrawal issues as early as Saturday, April 12. Investors, some of whom had committed between ₦200,000 and over ₦5 million, found their account balances wiped to zero, triggering panic and distrust.
In a video posted on its X page, CBEX urged investors to remain calm, attributing the disruptions to platform updates. However, on Monday, the company announced a controversial verification process requiring users to deposit $100 for accounts with $1,000 or less and $200 for larger accounts to “complete verification” and access compensation. The platform further warned that accounts failing to comply by 11:59 p.m. UK time on April 17 would be deemed “fraudulent and permanently banned”—a statement that only intensified investor outrage.
While CBEX claimed compensation would be processed within 24 hours of verification, the additional deposit requirement—widely criticized as a tactic reminiscent of collapsing Ponzi schemes—sparked further backlash. By Monday evening, the Smart Treasure office in Ibadan became a target, with eyewitnesses reporting that a mob forcibly entered the premises, leaving it thoroughly ransacked.
The Economic and Financial Crimes Commission (EFCC) had previously flagged CBEX’s operations, listing it among 58 companies operating illegal Ponzi schemes in a March 15 alert. Under the newly enacted Investments and Securities Act (ISA) 2025, signed by President Bola Tinubu, operators of unregistered investment schemes face a minimum fine of ₦20 million, a 10-year prison term, or both. The Securities and Exchange Commission (SEC) also confirmed that CBEX is not registered, rendering its operations illegal under Nigerian law.
As of Tuesday, the Oyo State Police Command had yet to issue an official statement on the looting or confirm any arrests. The incident has reignited debate over Nigeria’s regulatory oversight of digital trading platforms, with experts calling for stricter enforcement to safeguard investors. Social media reactions reflected a mix of despair and skepticism, with users like @DaddyGO4825 lamenting, “Millions of money gone. This is so sad,” and @Fresh_Thiago urging people to check on loved ones who may have been affected.
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