CBEX Faces Growing Backlash as Users Raise Alarm Over Ponzi Scheme Allegations

 

Concerns are mounting over the legitimacy of CBEX, a digital asset trading platform, as an increasing number of users voice doubts about its operations. On Friday, the platform found itself at the center of a storm of criticism, with some suggesting that CBEX may be operating as a Ponzi scheme. The debate, sparked by a viral post earlier in the week, has sparked intense discussion on social media about the risks involved in using the platform.

The controversy began on Wednesday, when a user on X (formerly Twitter), under the handle Man of Letters (@Letter_to_Jack), raised alarms after learning about an individual who had invested $1,000 in CBEX and reportedly withdrew $5,000. In a post, the user outlined serious concerns regarding the platform’s sustainability, noting that the growing number of users withdrawing significant amounts of money without experiencing any losses was highly suspicious.

"Having done all my checks, the platform flies all the flags of a Ponzi scheme," the post read. "People are cashing out steady with no losses. You know what that means? Easter, Ileya or Xmas."

The term "Easter, Ileya or Xmas" in this context seemed to be a coded warning, implying that the platform was operating on borrowed time and was headed for a sudden collapse. The user further cautioned, "It’s better to use your money to play bet than to go into this. It’s at best a zero-sum game. You will cry."

However, the post was met with mixed reactions. While some X users took the warning seriously, others appeared to misinterpret it as a promotion for the platform, possibly due to the sensational nature of the claims.

By Friday, the platform’s integrity was called further into question when reports began circulating that users were unable to withdraw funds, prompting fears that CBEX had crashed. Many users took to social media to express their frustrations, with some claiming that their funds were effectively stuck in the system.

One such user, Ajoke (@BlessedAjoke), attempted to dispel fears by posting an update: “CBEX is still working perfectly, just that you can’t withdraw until 15th of April. You people should stop spreading fake news. Stop giving people heart attack nah.” Her response aimed to calm the growing panic surrounding the platform’s operations, though it did little to quell the anxiety that was spreading.

Despite these reassurances, the skepticism around CBEX remained strong. A number of users, including aust;n (@0kparam), criticized those celebrating the platform’s potential collapse. "Y’all are acting like CBEX crashing makes you financial sages. Nah, it just makes you bitter haters... Ponzi, yen yen yen," the user wrote, defending the platform and dismissing allegations of fraud.

On the other hand, users such as Mazi Nathan (@rukky_nate) drew comparisons between CBEX and other high-profile Ponzi schemes that have collapsed in the past. "MMM was a global Ponzi scheme that later crashed. Rackstelli was a local Ponzi scheme that also later crashed," he posted. "CBEX had all the hallmarks of a Ponzi scheme, but Nigerians are just too greedy with short-term memories."

As the debate rages on, CBEX’s official social media handle has taken a more optimistic stance. On Friday, the platform’s official account, @cbextrades, posted a series of updates aiming to reassure users and highlight the platform’s ongoing initiatives. In one update, the account claimed that instructors from the Abeokuta office were actively promoting the platform by going door-to-door, encouraging people to get involved with the project.

"Today, 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," the post read, suggesting that CBEX was expanding its outreach efforts despite the growing controversy.

In another post, CBEX vehemently denied any allegations of fraud, stating, "CBEX can never crash at all. We will forever stand strong. Don’t panic at all. Only those who haven’t been with us for long will panic and lose hope."

The platform's official response also included a reminder for users to remain cautious and protect their accounts: "Everyone 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."

In a final post, CBEX reassured its user base once more, stating, "We aren’t running away with nobody’s money. Everything is in order. CBEX exchange will forever stand."

Despite these declarations, the skepticism surrounding CBEX continues to grow, with users divided over whether the platform is a legitimate opportunity or a ticking time bomb. As the 15th of April approaches, the fate of CBEX remains uncertain, with many questioning if the platform will be able to weather the storm of scrutiny or if it will ultimately collapse under the weight of its own promises.

For now, only time will tell whether CBEX will survive the backlash or become another cautionary tale in the world of digital asset trading.