Crypto Bridge Exchange (CBEX), the embattled digital investment platform at the center of an alleged N1.2 trillion trading fraud, has quietly resumed operations despite ongoing investigations by Nigerian authorities.
The platform is reportedly now allowing new users to register, trade, and make withdrawals, even as over 600,000 Nigerians await access to their trapped funds.
According to The Punch, CBEX recently reactivated withdrawal options on its platform. However, while newly registered users can trade and withdraw profits freely, previous investors must wait until June 25, 2025, when a financial audit by a UK-based insurance company is expected to be completed.
The platform collapsed on April 14 following what CBEX administrators claimed was a total wipeout of investor funds due to a failed artificial intelligence trading cycle. In response, the company now requires existing users to contribute additional funds before restoring access to their old balances.
For instance, users with a former capital of one thousand dollars must now deposit one hundred or two hundred dollars, depending on the size of their previous investment, to initiate the recovery process.
This comes in defiance of regulatory warnings. The Securities and Exchange Commission had earlier declared CBEX’s operations illegal, while the Economic and Financial Crimes Commission is actively investigating the platform. In fact, the EFCC has declared several key promoters and a foreign national, Elie Bitar, wanted in connection with the scheme.
Despite these red flags, the CBEX application remains operational. New users are reportedly joining the platform in large numbers, lured by the promise of fast profits and referral bonuses that can be cashed out immediately. The Punch reports that trading has resumed but is no longer automated. Instead, users must now input codes manually to execute trades.
A representative on a new CBEX Telegram channel claimed that only old accounts remain under financial review. She blamed the collapse on a coordinated attack that compromised the platform’s AI system, insisting that users who enabled a specific feature called “HOSTING” were able to avoid losses.
The representative also stated that an insurance-backed compensation process is underway and that some affected users have already started receiving payouts.
She added that the United Kingdom government is currently auditing CBEX’s financials and negotiating with Nigerian authorities. According to her, this audit will determine the final compensation terms and investor recovery timeline.
In the meantime, the Nigerian Financial Intelligence Unit has issued a broader advisory warning citizens against unregulated investment platforms, many of which promise unrealistic returns and operate with little or no transparency. Among the flagged platforms are eWealth Connect, WWCoin, Delux, and ADK—all of which exhibit signs of being Ponzi schemes.
SEC Director-General, Dr. Emomotimi Agama, reiterated that registration with the Corporate Affairs Commission or any anti-money laundering unit does not equate to legitimacy. He emphasized that the newly signed Investments and Securities Act now imposes up to ten years imprisonment or a twenty million naira fine for those promoting illegal investment operations.
Agama urged Nigerians to verify the registration status of any financial platform with the SEC before investing. “If it sounds too good to be true, it probably is,” he warned.
As it stands, CBEX appears to be pushing forward with its relaunch, while investors remain in limbo—some hopeful, others cautious, and many still waiting for answers.
