Tensions boiled over in Ibadan, the Oyo State capital, as angry individuals, believed to be investors, stormed and looted the office of Smart Treasure (ST Team), a subsidiary of the CBEX cryptocurrency trading platform, located in the Oke Ado area.
Viral videos shared on social media showed the scene as dozens of people forcefully gained entrance into the premises, making away with office equipment, including air conditioners and furniture.
While the police have not released an official statement regarding the incident, it was gathered that the office was ransacked on Monday evening after users were locked out of their accounts and unable to access their funds.
CBEX, which had attracted thousands with a promise of 100 per cent returns on investment, began facing operational issues over the weekend. By Saturday, complaints flooded social media as users reported being unable to withdraw their money.
In a video posted on X (formerly Twitter), CBEX urged users to remain calm, announcing a verification process as part of a platform update. However, the solution only added fuel to the fire.
“To complete verification, users with account funds below or equal to $1000 need to deposit $100,” the company said.
“If account funds > $1000: You need to deposit $200 to complete the verification. Save deposit proof: After completing the deposit, please be sure to save your deposit proof (such as a screenshot of the transaction record) for subsequent verification during withdrawal.
“Until April 17, 23:59 UK time), all withdrawal applications for accounts will be suspended. Once the compensation concludes, accounts meeting the trading volume requirements can withdraw normally.”
CBEX also claimed that verified users would receive compensation within 24 hours, warning that any unverified account after the deadline would be permanently banned and tagged as fraudulent.
The situation adds to growing concerns about unregulated digital investment schemes in Nigeria.
Just last month, the Economic and Financial Crimes Commission (EFCC) flagged 58 illegal Ponzi operations and urged Nigerians to avoid them.
Under the newly enacted Investments and Securities Act (ISA) 2025, operators of unauthorised schemes face penalties of at least N20m, a 10-year jail term, or both.
