CBEX returns, demands payment from users

Crypto Bridge Exchange (CBEX), a digital platform previously exposed as a Ponzi scheme, has resumed operations across Nigeria just weeks after vanishing with hundreds of thousands of dollars belonging to unsuspecting investors

Several victims have confirmed being urged to revisit the CBEX platform to recover their trapped funds. “Someone told me to check my CBEX account this morning, and I saw that my balance had returned,” one investor told Peoples Gazette, sharing a screenshot as proof.

However, users say there’s a catch. According to multiple investors, the platform is now demanding fresh payments to activate withdrawal access. Those with account balances above $1,000 are being asked to pay $200, while those with less are required to pay $100.

“I believe they’re just trying to rope more people in again,” said another investor, expressing skepticism over the platform’s sudden comeback.

CBEX initially collapsed in April, leaving scores of Nigerians devastated as they were locked out of their accounts without warning. The scheme, disguised as a digital investment platform, promised to double deposits within 40 days. Its shutdown triggered chaos, including a reported looting incident at its Ibadan office.

Following the collapse, the platform’s Telegram group was locked to prevent backlash, while the operators claimed a cyberattack was responsible for the loss of funds.

The Economic and Financial Crimes Commission (EFCC) later confirmed arrests linked to the scheme and revealed that funds had been traced to multiple countries. Several local collaborators were declared wanted, with two additional suspects added to the list just last week.

Despite the ongoing investigation, the EFCC has admitted it may not be able to recover and refund all victims.

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