Kenya, April 16 -- CBEX presented itself as a futuristic crypto and forex trading platform, powered by AI and offering up to 30% returns in 30 days. It gained traction in Kenya, Nigeria, and Egypt, attracting thousands with promises of easy profits, smooth withdrawals, and referral bonuses.
According to a new report, a Kenyan user had $6,000 (about Sh777,000) in their wallet in the morning, only to find it wiped by evening.
Similar complaints came in from other users and their relatives. Overnight, countless accounts were emptied.
CBEX responded by blaming the losses on "malicious fraud platforms" that allegedly hacked their AI trading system.
According to them, these hackers disrupted AI signals using aggressive market tactics, such as large "full-margin" operations to manipulate trades.
But what shocked users even more was CBEX's next move. Instead of immediately compensating affected users, they introduced a verification fee.
Anyone with less than $1,000 had to pay $100. Those with more than $1,000 were asked to pay $200.
CBEX stated that only verified users would be compensated and set a strict deadline of April 17th (23:59 UK time). They warned that unverified accounts would be marked as fraudulent and permanently banned.
This approach raised even more red flags. Users who had already lost their funds were now being asked to pay more money to get their funds back.
Lastly, CBEX has exposed the risks of trusting unverified trading platforms. The crypto market especially in Kenya is growing fast, so always be cautious and do your research before using any platform.
Published by HT Digital Content Services with permission from Bana Kenya.