A fake cryptocurrency trading platform claims several victims in Africa. This is the CBEX platform in Nigeria that has defrauded several African investors

CBEX, would be a fake cryptocurrency trading platform targeting African investors. Edwin, a Kenyan official is one of the many African victims of cryptocurrency scams, which generated $9.9 billion (8.4 billion euros) in worldwide revenue in 2024, according to the analytics firm Chainalysis. He was swindled out of more than 14,000 euros in the scam. CBEX collapsed abruptly in April, ruining many investors, mainly in Kenya and Nigeria, according to several media. It uses the “brandjacking” tactic, adopting an acronym similar to that of the China Beijing Equity Exchange. Registered in Nigeria in 2024 under the commercial identity of ST Technologies International Ltd (Smart Treasure/Super Technology), CBEX falsely claims to have been created in 2015 in Singapore, and ST eight years ago, before expanding to Africa in the

According to the Kenyan cryptocurrency investigator Wycklife Sewe, CBEX, while claiming to make funds grow, in reality transfers them out of investors' wallets via TRON (a decentralized blockchain network), these databases that contain the history of transactions between users). The money is then sent through several wallets and after conversions into various cryptocurrencies to make it lose track, he explained

On June 10, CBEX, which had previously accused hackers of stealing the missing funds, claimed on its Telegram channel that it had “compensated” the unfortunate investors, then asked them to pay “verification” fees to eventually get their money back.