Enock Kirui, a supermarket cashier in Kikuyu, thought he had found a ticket to financial freedom when he invested Sh50,000 in a fast-rising cryptocurrency and forex trading platform called CBEX. Encouraged by a friend’s glowing recommendation, Kirui also convinced his wife to invest Sh20,000 and his younger brother to put in Sh50,000 — money his brother borrowed from a bank.

At first, CBEX seemed legitimate. The platform promised users artificial intelligence-driven trading, returns of up to 30 percent in just 30 days, and easy withdrawals. Kirui watched his investment grow to $790 (about Sh102,000) on the app, while his wife’s and brother’s accounts also showed impressive gains.

However, it all came crashing down.

“You start thinking you’re onto something big. Then the app disappeared from the Play Store. Withdrawals stopped. People were panicking in the WhatsApp and Telegram groups, but we kept reassuring ourselves it was a technical issue. It wasn’t,” Kirui said.

The collapse of CBEX has left hundreds of Kenyans devastated, staring at heavy financial losses, unpaid loans, and broken family trust. Many victims, like Kirui, are grappling not just with the monetary loss but also with deep embarrassment.

“I didn’t tell my wife I had invested more than her. She found out when neither of us could withdraw. She’s devastated. I feel foolish,” Kirui said.

He has not filed an official police report, saying, “What’s the point? No one can trace them. We just talk in WhatsApp groups and try to move on.”

‘I Never Imagined Someone I Knew Could Betray Me’

For Bessy Kagendo, a single mother and small business owner, the downfall of CBEX cost her Sh105,000 — hard-earned money she hoped would double each month.

Her journey into CBEX began with a call from a trusted high school friend and neighbour, who convinced her to invest. The friend, speaking of life-changing profits, promised that CBEX’s AI trading would make her rich.

“At first, it felt real. I logged in, watched the numbers grow. It showed I had over Sh11 million in Bitcoin at one point. I thought I had finally made it,” Kagendo recalled.

However, when she attempted to withdraw her supposed profits, she encountered “technical errors.” Soon after, the platform shut down completely.

Kagendo tried to contact her friend, but the phone was switched off.

“That’s when it hit me. I might have just lost everything. I never imagined someone I knew so well could betray me like that,” she said.

Despite contacting a CID officer, there was little progress, as the money had been sent directly to her friend’s number.

Today, Kagendo believes her friend may have been more than just another victim. “These people are trained. They know how to convince you. She was part of it — I’m almost sure,” she said.

‘It Was All My Savings’

Gladys Nyokabi, a 28-year-old mitumba trader based in Nairobi, lost Sh50,000 to CBEX. Drawn in by friends who painted vivid pictures of easy money, Nyokabi invested her entire savings.

“At first, I received regular bonuses every Monday. It seemed real. My dashboard showed Sh65,000. I thought about how that money could help with bills,” she said.

Nyokabi even convinced friends and family to join. But just before a promised bonus was to mature, withdrawals were frozen, and the app disappeared without warning.

“At first, those support groups on WhatsApp were full of hype. Later, they turned into spaces for people trying to heal,” she said.

For Nyokabi, the loss was more than financial. “Sh50,000 might not be a lot to some people, but to me, it was everything — my capital, my savings,” she said.

She says she has learned her lesson: “Only invest what you can afford to lose.”

How CBEX Operated Under the Radar

According to an investment banker who spoke on condition of anonymity with NATION, CBEX’s success lay in its stealth operations. It avoided traditional advertising, relying solely on word-of-mouth referrals to remain under the radar of regulators.

“If they had used billboards or media ads, it would have triggered early scrutiny. By staying invisible, they avoided attracting attention,” the banker explained.

Even among financial professionals, CBEX was almost unknown until recent media reports emerged. Search engine activity showed minimal interest in the platform — barely 10 or 20 searches a day countrywide.

The banker warned that any platform promising guaranteed returns of 30 percent a month should immediately raise red flags.

“Financial markets don’t work that way. Scams like CBEX feed on greed, fear of missing out, and low financial literacy,” he said.

For the hundreds of Kenyans left reeling from the collapse of CBEX, the road to financial recovery — and trust — will be long.