 located in the Oke Ado area.){kind=link}
Tension gripped parts of Ibadan on Monday as a group of reportedly furious investors stormed the office of China Beijing Equity Exchange (CBEX) located in the Oke Ado area.
The chaos followed reports that the digital trading platform had suddenly crashed.
According to eyewitnesses, the angry mob broke into the building, making away with furniture, electronics, and other valuables during the rampage.
The uproar was allegedly sparked by the abrupt shutdown of the CBEX platform, which users claim erased their account balances overnight—leaving many financially shattered and desperate for answers.
A viral video making rounds on social media captured the chaotic moments as the crowd forced entry into the office, carrying out items in plain sight.
Many affected individuals have since turned to social media to express their frustration, narrate their financial losses, and level accusations of fraud against the platform, while calling for accountability.
At the time this report was filed, law enforcement agencies had not released an official statement, and it remains uncertain whether anyone has been arrested in connection with the looting.
CBEX had been presented as an online hub for digital asset trading, promising a “secure, transparent environment” for users to carry out transactions. But with recent developments, the legitimacy of its operations is now under serious question, as complaints of fraud and misleading tactics continue to surface.
Reacting to the incident, the Securities and Exchange Commission (SEC) issued a reminder that any platform operating in such a manner without proper registration with the SEC is considered “illegal.”