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Crypto Bridge Exchange (CBEX), the digital platform previously exposed as a Ponzi scheme, has resurfaced just weeks after disappearing with investors' funds and is now demanding new payments to unlock withdrawals.
The controversial platform, which went offline in April after allegedly defrauding thousands of Nigerians of hundreds of thousands of dollars, has resumed operations across Nigeria, prompting panic and skepticism among former users.
Several victims have reported that they were recently contacted or advised to log into their CBEX accounts. “Someone told me to check my CBEX account this morning, and I saw that my balance had returned,” one investor told Peoples Gazette, sharing screenshots as evidence.
However, users quickly discovered that accessing those funds now comes at a price. Individuals with balances above $1,000 are being asked to pay $200 to enable withdrawals, while others are told to pay $100. “I believe they’re just trying to rope more people in again,” a skeptical investor said.
CBEX initially promised users double returns on their deposits within 40 days. But following its collapse in April, its Telegram group was locked, and the operators blamed a supposed cyberattack for the disappearance of funds. Chaos ensued, including a looting incident at the company’s Ibadan office.
The Economic and Financial Crimes Commission (EFCC) later confirmed arrests and disclosed that some stolen funds had been traced to foreign accounts. “We’ve recovered some CBEX funds and arrested some culprits,” the EFCC said in a statement. However, the agency admitted it might not be able to refund every victim.
Despite an ongoing investigation and a Securities and Exchange Commission (SEC) ban, CBEX’s return has raised fresh concerns over the vulnerability of digital investors in Nigeria.
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