Crypto Bridge Exchange (CBEX), a digital financial platform identified as a Ponzi scheme, has resumed operations in Nigeria after abruptly halting business and absconding with hundreds of thousands of dollars belonging to unsuspecting Nigerian investors.
Following weeks of silence and public outrage, CBEX has asked affected investors to log into their accounts to reclaim their trapped funds. Some users confirmed that their balances had been restored, but the scheme’s operators have introduced new conditions for withdrawal.
According to several investors, CBEX now requires users to pay additional fees—$200 for accounts with over $1,000 in investments and $100 for those below—before being able to access their funds. Many see this as a tactic to further exploit victims under the guise of a refund process.
In April, the scheme collapsed, leaving thousands of Nigerians devastated after they lost their life savings. The situation escalated into public unrest, with one of the scheme’s offices in Ibadan reportedly looted. CBEX, which posed as a digital trading platform, had falsely promised to double investments within 40 days.
When the platform shut down, CBEX administrators blamed the loss on a security breach, claiming hackers had compromised their systems. They subsequently locked their official Telegram group to suppress complaints from angry investors.
The Economic and Financial Crimes Commission (EFCC) responded by arresting several suspects linked to the scheme and stated that the trail of the stolen funds led to three or four different countries. The EFCC has also declared several Nigerian collaborators wanted, with two more names added to the list last week.
However, the Commission has clarified that it may not be able to recover and return funds to all affected victims due to the complexity and international scope of the fraud.
CBEX’s return, alongside these new conditions, has been met with widespread skepticism and concern, with many viewing it as a renewed attempt to defraud desperate investors.
