Chaos erupted in Ibadan on Monday as a mob of alleged angry investors stormed the China Beijing Equity Exchange (CBEX) office in the Oke Ado area following the reported crash of the digital trading platform.
Eyewitnesses said the enraged crowd broke into the office, looting furniture, electronics and other valuables.
The incident was allegedly triggered by the sudden collapse of the CBEX platform, which reportedly wiped out user account balances, leaving many investors devastated.
A video circulating on social media shows the scene of the unrest, with a large crowd forcibly entering the premises and removing items.
Several affected users have taken to social media to voice their anger and recount their losses, accusing the platform of fraud and demanding justice.
As of the time of reporting, authorities have not issued an official statement, and it remains unclear if any arrests have been made in connection with the looting.
CBEX was introduced as an online platform designed to facilitate digital asset trading. Its purported goal was to create a secure, transparent environment for transactions. However, its operational model now comes under scrutiny as allegations of fraud and deceptive practices emerge.
The Securities and Exchange Commission (SEC) has since reacted to the operations of CBEX, saying platforms that operate like that and are not registered with the SEC are illegal.
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