Initially, CBEX claimed that the frozen withdrawals were due to a hack, and that the platform would soon be operational again. However, services never resumed. Later, a scheme called LWEX emerged, linked to the CBEX scheme and targeting Kenyan victims.
Victims lose $12 million to CBEX "AI-powered" crypto trading Ponzi scheme
Victims, mostly in Nigeria and Kenya, have lost approximately $12 million to a Ponzi scheme called CBEX, which was named to mimic an association with the China Beijing Equity Exchange. The Nigerian company claimed it was registered in the US, and that it used AI-powered trading systems to produce guaranteed monthly returns.