Cbex: Man Mentions Another Alleged Ponzi Scheme, Warns People To Withdraw Their Money

• A Nigerian man has stirred reactions on X after he mentioned the name of another alleged Ponzi scheme that may crash soon
• The X user, identified as Man of Letters, said he had warned people that Cbex would fail, and some did not listen to him
• Now, he alleges that there is another Ponzi scheme known as PCEX, insisting that it might soon crash like others
• Meanwhile, the Securities and Exchange Commission (SEC) has warned that it will enforce the Investments and Securities Act 2025, recently signed by President Bola Tinubu

A social media user has mentioned the name of an investment platform, which he alleges might crash like Cbex.

The X user known as Man of Letters said he had earlier issued a warning before Cbex crashed some days ago.

Man of Letters identified the alleged Ponzi scheme as PCEX, saying there are indications the platforms may fail soon.

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This is coming at a time when some investors who put their money in Cbex reportedly lost everything.

Man of Letters said:

"If you have money of PCEX, withdraw it right now, there are clear indicators that the platform too may crash any moment. Dominoes about to fall. If you like, joke with this message the same way you joked with my CBEX crash warning message 6 days ago. Na here we go dey."

Is PCEX a Ponzi scheme?

While no regulatory agency has declared PCEX a Ponzi scheme, it is not clear if it is registered and allowed to operate.

A search of the acronym PCEX on the portal of registered investment operators maintained by the Securities and Exchange Commission did not yield any results.

Also, the acronym is not on the list of operators approved by the SEC in its Accelerated Regulatory Incubation Program.

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Meanwhile, in a comment sent to Legit.ng, SEC said it would enforce the Investments and Securities Act 2025, recently signed by President Bola Tinubu, which regulates such financial trading activities. It says operators must fulfil the requirements of the law.

The text, sent by Efe Ebelo, head of external relations SEC, reads in part:

“The ISA 2025 is intended to promote FinTech growth and innovation, specifically within the Digital Asset space, while ensuring regulatory compliance. However, I want to say this very clearly, if it is not registered, it is illegal. The law will be enforced. Therefore, everyone that is going to be involved in this space must endeavor to fulfill the requirements of the law”.

See his post below:

Reactions as man mentions name of another alleged Ponzi scheme

@Chrisbamidele said:

"So, there is CBEX and PCEX? And Nigerians are the ones with huge amounts of money invested in these schemes?"

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@KemPatriot said

"Why do some Nigerians still fall for these schemes? I remember hearing about—and even having the chance to join—MMM back in 1999. Instead, I chose GNLD that same year because it offered something tangible. I rose to the level of Director before eventually stepping away."

@iMotivateAfrica said:

"I wanted to correct you that you wrote PCEX instead of CBEX. My body calm when I realized there is also PCEX."

@Oyewoleomobola5 said:

"Pcex don crash already na final stage e dey. Pcex don get withdrawal issue since last week."

@_icequeen01 said:

"My aunts tenant did cbex, pcex and wwcoin .. the 3 don crash oo, I saw him lamenting on call when I got back from work yesterday’s evening , his babe just dey look am, curiosity made me ask and it was yesterday I even knew there is pcex."

Man ignored after warning people against Cbex

Earlier, Legit.ng reported that a Nigerian man had issued a warning in March, expressing concerns about the operations of Cbex, a digital assets trading company.

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Cbex crash: Man who introduced lady to platform vows to refund money she lost, explains why

The man, Ub Edem Uman, had shared a post on Facebook, alleging that the Cbex trading platform might not last beyond May before crashing.

Earlier in April, many people on social media alleged that the Cbex trading platform had crashed and that traders' funds were trapped.

Source: Legit.ng