Panic gripped Ibadan on Monday as a mob of angry individuals, believed to be aggrieved investors, stormed the office of the China Beijing Equity Exchange (CBEX) in the Oke Ado area following the sudden collapse of the digital trading platform.
Eyewitness accounts reveal that the enraged crowd forcefully broke into the office, looting furniture, electronics, and other valuables.
The unrest was reportedly triggered by the sudden collapse of the CBEX platform, which allegedly wiped out user account balances, leaving many investors devastated.
A video widely shared 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 had been marketed as a digital asset trading platform aimed at providing a secure and transparent environment for online transactions. However, its operational model now comes under scrutiny as allegations of fraud and deceptive practices emerge.
Reacting to the development, the Securities and Exchange Commission (SEC) said that platforms that operate like that and are not registered with the SEC are illegal.
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