Social media was abuzz on Friday following concerns about the operations of CBEX, a digital asset trading platform, with several users warning that it shows signs of being a Ponzi scheme.

On Wednesday, an X user, Man of Letters (@Letter_to_Jack), posted a cautionary note after learning about an individual who reportedly invested $1,000 in CBEX and had since withdrawn $5,000.

After reviewing the platform, he expressed serious doubts about its legitimacy.

?Having done all my checks, the platform flies all the flags of a Ponzi scheme,? he wrote. ?People are cashing out steady with no losses. You know what that means? Easter, Ileya or Xmas.?

He added, ?For those who don?t understand, what I?m telling you is the crash is imminent; it?s better to use your money to play bet than to go into this. It?s at best a zero-sum game. You will cry.?

However, his message seems to have been interpreted in different ways by X users with some believing he was promoting the platform.

Meanwhile, in a development on Friday, there have been fears that the platform has now crashed with many having their money stuck on the platform.

Reacting to the development, X user Ajoke (@BlessedAjoke) said, ?Cbex is still working perfectly just that you can?t withdraw until 15th of April. You people should stop spreading fake news. Stop giving people heart attack nah.?

Another user, aust;n (@0kparam), criticised those celebrating the platform?s possible collapse.

?Y?all are acting like cbex crashing makes you financial sages. Nah, it just makes you bitter haters? Ponzi, yen yen yen. Just stfu coward,? he wrote.

However, some users highlighted the risks involved, with Mazi Nathan (@rukky_nate) comparing CBEX to past Ponzi schemes.

?MMM was a global Ponzi scheme that later crashed. Rackstelli was a local Ponzi scheme that also later crashed. CBEX had all the hallmarks of a Ponzi scheme but Nigerians are just too greedy with short-term memories,? he wrote.

In the midst of the debate, CBEX?s official X handle, @cbextrades, maintained a tone of optimism, sharing updates about its outreach activities and ongoing summits.

?Today, the instructors from the Abeokuta office went outside the office, actively going door-to-door to promote the project and encourage people to participate in this great initiative,? one post read.

Another post stated, ?CBEX can never crash at all. We will forever stand strong. Don?t panic at all. Only those who haven?t been with us for long will panic and lose hope.?

A third post read, ?Everyone should remain vigilant, avoid clicking on unfamiliar links, and never share your account password or verification code with others to prevent scammers from taking advantage.?

?We aren?t running away with nobody?s money. Everything is in order. Cbex exchange will forever stand.? (The PUNCH)

Update news