CBEX and the Truth: Nigerians Did Not Lose $822M – Here’s What Really Happened
Business as usual.. In recent weeks, social media and some blogs have been buzzing with shocking headlines claiming that Nigerians lost a whopping $822 million to CBEX, a crypto exchange platform that recently shut down operations. While the story spread like wildfire, it turned out that these claims are exaggerated and not backed by actual data.
Let’s break it all down and set the record straight.
🧐 What Is CBEX?
I will say CBEX is (or was) a cryptocurrency exchange platform that gained popularity in Nigeria for its seemingly smooth user interface and attractive transaction rates. Like many other digital platforms in the crypto space, it promised users seamless trading and investment options using crypto assets like Bitcoin, USDT, Ethereum, and more.
But as case with many fast-rising crypto platforms, the real challenge came when users started complaining of withdrawal issues, delayed transactions, and a lack of customer support.
📉 What Really Happened?
By early 2025, CBEX reportedly froze user accounts and suspended withdrawals, sparking fears of a rug pull or exit scam. Understandably, users began expressing frustration and concern, and soon, various news outlets started quoting an alleged loss of $822 million in user funds.
However, according to blockchain analytics and internal audits by watchdogs, the actual amount deposited by Nigerians on CBEX is estimated to be around $6.1 million—a far cry from the viral $822 million figure.
💡 So, Where Did the $822 Million Claim Come From?
How much is the Nigerian annual budget that makes the social media buzz??
The $822 million figure appears to be a misunderstanding or an inflated estimate that does not reflect real on-chain transactions or verified user deposits. Even if we should be honest with ourselves, how many users does CBEX have that will summount to $822 million(1,323,420,000,000.000 NGN) in Nigeria
Here’s what might have caused the confusion:
- Misreporting by non-credible sources trying to create sensational headlines.
- Confusion with other global crypto scams.
- Misinformation spreading rapidly on social media without proper fact-checking.
🔎 Facts That Matter
- ✅ Estimated Total Deposits on CBEX: ~$6.1 million (based on blockchain data and verified reports)
- ❌ False Viral Claim: $822 million lost by Nigerian users
- 🚨 CBEX Status: Still unresponsive, with users unable to access funds
- 🧾 No official regulatory investigation has confirmed the viral figure
⚖️ Why Accuracy in Crypto Reporting Matters
We, as individuals or businesses we know what and how information matters.. In the world of cryptocurrency, misinformation spreads quickly, and it can lead to panic, misinformed decisions, and loss of trust in the ecosystem. While CBEX’s situation is concerning, it’s important for users to rely on facts and not fall for unverified rumors that will cause more harm than good.
As Nigeria becomes a leading hub for cryptocurrency adoption in Africa, the need for education, regulation, and responsible media coverage has never been greater.
📌 Key Takeaways
- Nigerians did not lose $822 million to CBEX. The actual estimated deposits were around $6.1 million.
- Always verify crypto-related news from credible sources.
- Be cautious of platforms with no regulatory oversight or transparency.
- The crypto space is still evolving in Nigeria, and due diligence is crucial for all investors.
🛡️ Protecting Yourself in the Crypto World
Here are some quick tips we put out you to stay safe:
- Only use registered and regulated exchanges.
- Avoid putting large amounts in newly launched or little-known platforms.
- Check online reviews and complaints before depositing funds.
- Stay updated with blockchain watchdogs and SEC Nigeria announcements.
✍️ In Conclusion
Maybe CBEX may have caused financial loss for some Nigerian and other countries’ users, and that should not be overlooked. But the viral $822 million figure is false and misleading. As Nigerians continue to embrace crypto, let’s prioritize truth, transparency, and smart investing because, according to sources, the total deposit on CBEX was around $6.1 million, so how come the $822 million?
English