Kenyan Crypto Investors Lose Millions in CBEX Security Breach
Kenyan crypto investors have been left reeling after a weekend incident on the CBEX platform, with several users reporting significant losses. This is not the first time Kenyans have fallen victim to crypto scams, with millions lost in recent years. The CBEX team has attributed the latest incident to security breaches, promising reimbursement to verified users.
In 2022, the then Minister of ICT, Joe Mucheru, sounded the alarm on the growing problem of crypto scams in Kenya. He revealed that Kenyans had lost over $120 million in just one year. CBEX, a platform that promised AI-driven high returns, attractive referral bonuses, and hassle-free withdrawals, has now been hit by a security breach, leading to user assets vanishing.
CBEX has assured users that they will be reimbursed for their losses, but only after their accounts have been successfully verified. However, the platform requires users to pay a verification fee before processing any compensation claims. This has left many users frustrated and skeptical. The Kenya Virtual Assets Service Providers Bill 2025, aimed at enhancing consumer protection and mitigating crypto scam issues, is currently in the works but has not yet been enacted.
The CBEX incident is a stark reminder of the risks associated with crypto investments. While the platform has promised to reimburse users, the process and requirements have left many feeling uncertain. As the Kenya Virtual Assets Service Providers Bill 2025 makes its way through the legislative process, investors hope for clearer regulations and better protection in the future.
