In a stern public advisory, Kingsley Ugochukwu Ekwuruke, President of the Network of Blockchain Solutions Advocates Association (NOBSAA), has called on Nigerians to guard against opportunistic fraudsters capitalizing on the devastating CBEX cryptocurrency scam, which has left over 600,000 victims penniless and total losses surpassing ₦1.3 trillion. The scam, now labeled Nigeria’s largest crypto fraud to date, has exposed critical financial literacy and regulatory oversight gaps.  

A Crisis of Trust and Exploitation
Ekwuruke described the CBEX scandal as a “catastrophic betrayal,” with thousands of Nigerians lured by promises of high returns on crypto investments, only to discover the platform was a Ponzi scheme. “Families have lost life savings, businesses have collapsed, and faith in blockchain technology—a system built on transparency—has been shaken,” he stated.  

Worse, a new threat has emerged: fake “recovery experts” claiming to retrieve lost funds for upfront fees. “These predators are exploiting desperation. Do not hand over private keys, passwords, or payments to unverified entities. You will lose twice,” Ekwuruke warned.  

NOBSAA’s 4-Point Survival Guide for Victims  
1. Freeze Further Damage
  - Report Immediately: File complaints with the EFCC, SEC, and the Nigerian Police Cybercrime Unit.  
  - PRESERVE EVIDENCE: Save all CBEX transaction IDs, wallet addresses, and communication records.  

2. SPOT RECOVERY SCAMS 
  - RED FLAGS: Unsolicited calls/emails, requests for private keys, or demands for payment in crypto/gift cards.  
  - Verify Authorities: Cross-check claims using official EFCC (08000203320) or NOBSAA (report@nobsaa.org) contacts.  

3. EDUCATE TO PREVENT FUTURE SCAMS 
  - “Blockchain ignorance fuels these crimes,” Ekwuruke emphasized. NOBSAA’s BlockchainLiteracyNow campaign offers:  
    - Free workshops on spotting fraudulent platforms.  
    - Open-source tools like WalletGuard to analyze crypto wallet risks.  
    - Certification programs for developers and investors (RBA and CNBP courses).  

SYSTEMIC REFORMS: A Call to Action
Ekwuruke criticized Nigeria’s lagging crypto regulations, urging swift passage of the Digital Asset Regulation Bill to mandate strict KYC/AML exchange protocols. NOBSAA is also advocating for:  
- A National Blockchain Task Force to audit crypto platforms.  
- Collaboration with global bodies like Binance Charity to fund victim compensation.  
- Integration of blockchain literacy into school curricula and NYSC programs.  

“We cannot let fraudsters hijack the future of fintech,” he declared. “Blockchain can revolutionize agriculture, healthcare, and voting systems—but only if Nigerians are empowered to use it safely.”  

How to Stay Protected
- For Investors: Verify platforms via NOBSAA’s Blockchain Trust Registry (launching Q1 2024).  

- FOR VICTIMS: Join NOBSAA’s class-action lawsuit against CBEX operators. Submit details at nobsaa.org.

- For All: Attend NOBSAA’s weekly Blockchain Basics Webinar every Thursday (register free at nobsaa.org).  

The Path Forward
While the CBEX scandal highlights Nigeria’s vulnerability to digital fraud, Ekwuruke remains optimistic: “Education and regulation can turn this tragedy into a catalyst for progress. Blockchain is not the enemy—exploitation is.”  

NOBSAA plans to train 500,000 Nigerians in blockchain security by 2025 and has pledged ₦50 million to subsidize legal fees for CBEX victims. “We will reclaim this technology for the people,” Ekwuruke vowed.  

Report Fraud or Seek Help:  
📞 NOBSAA Hotline: +234-070-NOBSAA (11111560) 
Info@nobsaa.org

#BlockchainForThePeople | #StopCryptoScams | #NOBSAAAdvocacy