CBEX or Crypto Bridge Exchange, an unregistered online trading platform vanished last Monday with about N1.3 trillion invested by about 600,000 investors.
CBEX which had operated under ST Technologies International Ltd lured its victims with a 100 percent returns on investment after 30 days, but disappeared to tin air, leaving their investors in a state of comatose.
Speaking to Vanguard Newspaper on whether there is anything the Security and Exchange Commission, SEC can do to help victims recover their money in part or in full, Dr. Emomotimi Agama who is the Director General of the agency said: “There is nothing the Commission can do”.
“We are worried that this went on for long without anyone drawing our attention to it. That is why we are doing more enlightenment and asking people to come forward to report this for early detection.
“You can identify a Ponzi Scheme when an entity makes offers that appear certainly untrue and are bogus. The definition we have in the ISA (Investments and Securities Act, 2025) clearly tells you that when an investment firm makes any promise that is almost totally unattainable, you will know that that is clearly a Ponzi scheme.
“The Commission hereby clarifies that neither CBEX nor its affiliates were granted registration by the Commission at any time to operate as a Digital Assets Exchange, solicit investments from the public or perform any other function within the Nigerian capital market,” Dr. Agama said.