CBEX Resumes Operations Amid Fraud Saga, Demands Additional Investments From Users To ‘Recover’ Funds

• CBEX has resumed operations despite ongoing investigations by Nigeria’s SEC and EFCC.
• The platform was previously accused of defrauding over 600,000 Nigerians, amounting to ₦1.2 trillion.
• CBEX promised investors 100% returns within 30 days using AI-driven trading strategies.

Crypto Bridge Exchange (CBEX), a digital trading platform previously accused of defrauding over 600,000 Nigerians of ₦1.2 trillion, has resumed its operations, even though investigations by Nigeria’s Securities and Exchange Commission (SEC) and the Economic and Financial Crimes Commission (EFCC) are still underway.

CBEX, which had attracted investors with promises of 100% returns within 30 days through AI-driven trading strategies, collapsed in April 2025 under the weight of these allegations.

In response, the platform’s operators claim that an external audit by a UK-based insurance firm is in progress to assess the scope of the losses. They also state that they plan to begin processing withdrawals for existing users on June 25, 2025.

Meanwhile, CBEX has introduced a controversial new policy requiring previous investors to inject additional funds. Specifically, investors with accounts valued at $1,000 are asked to contribute $100, while those with higher balances are being asked for $200 to help “restore” their account balances.

The platform has also opened up registrations for new users, allowing them to trade and withdraw profits without any apparent limitations. This has raised red flags for many, given the ongoing regulatory scrutiny.

The EFCC has issued arrest warrants for several individuals linked to the alleged fraud, including foreign national Elie Bitar. The Nigerian Financial Intelligence Unit (NFIU) has also warned the public about the risks associated with unregulated digital asset platforms that bear hallmarks of Ponzi schemes.

Regulatory agencies continue to stress that registration with the Corporate Affairs Commission or the EFCC’s Special Control Unit Against Money Laundering does not indicate approval by the SEC. The SEC advises Nigerians to thoroughly verify the status of any investment platform and exercise caution when confronted with offers of unrealistic returns.