Packaged like a legitimate investment house, CBEX is the latest in a long list of Ponzi-style operations that have repeatedly preyed on the hopes and greed of unsuspecting citizens.
By CHUKWUMA UMEORAH
Many did not see the heist coming. It looked so real and reliable, especially after early callers successfully cashed out.
But the collapse of Crypto Bridge Exchange (CBEX), a supposed investment platform that operated unchecked for nearly nine months, has left thousands of Nigerians counting losses in excess of N1.3 trillion.
Packaged like a legitimate investment house, CBEX is the latest in a long list of Ponzi-style operations that have repeatedly preyed on the hopes and greed of unsuspecting citizens. Preliminary reports revealed that the promoters of the platform operated under a company registered as ST Technologies International Limited.
However, findings by Daily Sun and insights from key stakeholders have highlighted the toxic interplay of greed, public gullibility and regulatory shortcomings that continue to plague Nigeria’s financial landscape.