Panic gripped parts of Ibadan on Monday after a group of enraged individuals believed to be investors stormed the China Beijing Equity Exchange (CBEX) office in the Oke Ado area, following the sudden crash of the digital trading platform.
Eyewitnesses reported that the mob forcefully gained access to the premises and looted furniture, electronics, and other office equipment. The chaos was allegedly sparked by the disappearance of funds from users’ accounts after CBEX became inaccessible.
Videos shared online show a large crowd ransacking the office, with individuals carrying out various items while others gathered outside in protest.
Read Also: CBEX crash: Is withdrawal still possible for Nigerians? here’s what to know
Victims of the crash have flooded social media with accounts of their losses, accusing CBEX of orchestrating a massive fraud. Many expressed heartbreak over the disappearance of their investments and called on authorities to intervene.
As of press time, law enforcement agencies have not issued an official statement regarding the incident or confirmed any arrests related to the looting.
CBEX had promoted itself as a secure digital asset trading platform, promising high returns and transparency. However, its legitimacy is now under question, as investors allege deceptive operations and manipulation.
In response, the Securities and Exchange Commission (SEC) has reiterated that any digital trading platform not registered with the commission is operating illegally. The SEC warned the public to be wary of such platforms, emphasizing the risks of investing in unregulated financial schemes.
 office in the Oke Ado area, following the sudden crash of the digital trading platform.){kind=link}