TechFlow, April 16 — According to CryptoSlate, Nigeria-based virtual asset trading platform CBEX has been exposed as a Ponzi scheme, causing losses for thousands of investors. The platform falsely claimed to be the "Beijing Equity Exchange of China" and promised 100% investment returns within 30 days through artificial intelligence trading strategies. Independent cryptocurrency analyst Specter estimates the actual loss at approximately $12 million.
An investigation by blockchain forensics firm Elliptic reveals that CBEX is linked to multiple Ponzi schemes including LWEX and PCEX, all of which are connected to the Southeast Asian payment system Huione Pay. Huione Pay has reportedly been flagged as a major hub for illegal financial activities, involved in fund flows exceeding $24 billion.
