A Ripple in the Market
A few weeks ago, an unexpected disruption occurred in the financial market—one that triggered reactions from both market veterans and newcomers. It was one of those moments where the entire internet turned into an emergency town hall.
Everyone had something to say. Some sounded like analysts. Most just wanted to know why their cousins were suddenly talking about “blockchain fraud.” And some just wanted to check why their WhatsApp group suddenly had over 50,000 unread messages. You get it?
TrueXplano, took a deeper look into the matter and offered insights that raised important questions about the integrity of the narrative forming online. If you missed our initial analysis, we recommend checking it out for context.
The Government Moves In
Shortly after the market event, the Nigerian government stepped in. The Economic and Financial Crimes Commission (EFCC) and the Securities and Exchange Commission (SEC) launched investigations and released reports that quickly caught public attention.
Some of the data presented appeared alarming, and the urgency from authorities made the situation even more intriguing.
That’s when we realized this wasn’t just a market shake-up—it was turning into a significant financial and legal narrative that needed proper unpacking. It is worth noting that no evidence has been provided to support any of the claims made in social media reports about the incident. But that’s by the way, right?
The CBEX Controversy Hits
Few weeks after the event, the EFCC released an official notice declaring one Ellie Bitar as a wanted individual, alleging his affiliation with CBEX—the same platform several Nigerian media outlets had hastily branded as a scam.
However, no tangible evidence had been presented by any of these outlets to support those claims. In fact, most media coverage lacked even a basic understanding of how CBEX operates or generates value.
Still, the declaration sparked widespread controversy. The questions came quickly: Why would the EFCC name a prominent businessman as a wanted person? Was it due to public pressure? Was it a strategic move to show proactivity? Or was it simply a miscalculated attempt to manage public expectations? Or did they actually conduct an investigation and come up with facts?
The Shocker: EFCC Walks It Back
In a surprising development this morning, the EFCC admitted that the declaration against Ellie Bitar was made in error. The same agency that sounded the alarm now says, “Oops. Wrong guy.
Yes, they admitted it was an error! What? After igniting a wave of controversy, the commission quietly acknowledged the mistake. We have checked several blogs that reported the April 14th incident, yet none of them are speaking up about the EFCC’s error. Why is that?
All the YouTube channels that reported the EFCC’s ‘Wanted Person’ declaration about Ellie Bitar a few weeks ago—especially this one individual—are now silent about the EFCC’s amended statement regarding the same man. Why is that?
This revelation has raised even more questions—particularly about the credibility of the process and the true nature of the CBEX situation. If the initial claims were made in error, what else about the public narrative might be inaccurate or misunderstood? Because to date ST-CBEX platform is functioning and business continues as usual
What This Means for CBEX—and the Public
This blunder has sparked more questions than it answered. Is the EFCC’s case against CBEX solid? Or was it a reflex response to media and public pressure? Is it possible that CBEX was never a scam, but rather a misunderstood platform caught in a media storm? Is it also possible that a lack of understanding about emerging financial technologies contributed to a false perception? Absolutely!!!
To date, no media outlet has produced verifiable proof that CBEX is fraudulent. The accusations remain speculative, and much of the public discourse has been shaped by emotion, assumption, and online frenzy rather than hard facts.
TrueXplano‘s goal remains clear: to de-noise the media buzz and help real, intentional investors navigate opportunities with clarity and confidence.—not driven by fear, media pressure, or public emotion.
We’re committed to providing clear, objective analysis for individuals who are genuinely passionate about improving their financial lives. The market offers countless possibilities, but it also demands that we approach it with critical thinking and actual facts.
DISCLAIMER: Our analytical content is for educational purposes only and should not be taken as investment advice. Please consider the facts presented and consult with your financial advisor.
As we continue monitoring the ST-CBEX situation, we encourage our readers and the investing public to remain calm, observant, and analytical. Not every loud accusation is a true one. And not every mistake from an institution automatically equates to guilt for others involved. Stay with the truth and not the trend
Bye for now! Cheers