CBEX Ponzi Scheme Resumes Operations, Demands $200 From Nigerians To Recover Lost Investments.
In a shocking development, the notorious Crypto Bridge Exchange (CBEX), a digital investment platform previously exposed as a Ponzi scheme, has reportedly resumed operations across Nigeria, sparking widespread concern among investors and regulators. The platform, which collapsed in April 2025, wiping out an estimated £640 million (N1.3 trillion) in investor funds, is now demanding victims pay £150 ($200) to reactivate their accounts and recover lost investments, according to multiple sources.
CBEX, which lured over 600,000 Nigerians with promises of 100% returns within 30 days through alleged AI-powered cryptocurrency trading, abruptly halted operations earlier this year, leaving thousands unable to access their savings. The collapse triggered outrage, with angry investors looting CBEX’s office in Ibadan and flooding social media with tales of financial ruin.
Now, investors report receiving messages urging them to log back into their CBEX accounts, with some claiming their balances have been “restored.” However, the platform has introduced a controversial condition: a £150 “verification fee” for accounts holding over £750 ($1,000), or £75 ($100) for smaller investments, to enable withdrawals. Many fear this is a fresh ploy to extract more money from desperate victims.
“I was told to check my CBEX account this morning, and my balance was supposedly back,” an investor told Peoples Gazette, sharing a screenshot of the restored funds. “But they’re asking for $200 to ‘continue trading’ before I can withdraw. It feels like another trap.”
The Economic and Financial Crimes Commission (EFCC) has condemned CBEX’s resurgence, reiterating that the platform is unregistered and illegal in Nigeria. The EFCC, which launched an investigation in April, has arrested several suspects and traced stolen funds to at least three foreign countries. The agency is collaborating with Interpol to apprehend the scheme’s masterminds, some of whom are believed to be foreign nationals working with local collaborators.
“We are working tirelessly to ensure investors recover their funds,” EFCC spokesperson Dele Oyewale said on Channels Television. “This scheme operates outside Nigeria’s jurisdiction, but we are partnering with international agencies to bring the culprits to justice.”
Nigeria’s Securities and Exchange Commission (SEC) has also issued a stern warning, urging citizens to avoid unregulated platforms like CBEX. Under the Investment and Securities Act 2025, operators of Ponzi schemes face up to 10 years in prison and fines of £19,000 (N40 million). SEC Director General Emomotimi Agama cautioned, “If it’s not registered with the SEC, it’s illegal. Nigerians must be vigilant.”
The resumption of CBEX’s operations has reignited debates about financial literacy and regulatory oversight in Nigeria. Experts attribute the scheme’s appeal to economic hardship, high unemployment, and a lack of accessible legitimate investment opportunities. “Ponzi schemes thrive on desperation and greed,” said Caleb Ijioma, a financial literacy advocate. “They offer unrealistic returns that legitimate platforms cannot match, luring vulnerable people.”
Social media platforms like X are abuzz with warnings. “CBEX is back, asking for $200 to ‘redeem’ lost money. This shows how gullible they think Nigerians are,” posted @NemeremNjoku. Others, like @DejiAdesogan, urged caution: “Fraud Ponzi scheme CBEX resumes business. Do not fall for it.”
As investigations continue, the EFCC has recovered a portion of the misappropriated funds but warned that full restitution may take time due to the complexity of converting cryptocurrencies into fiat currency. For now, Nigerian investors are left grappling with a painful lesson: if an investment seems too good to be true, it likely is.
The EFCC and SEC encourage anyone with information about CBEX’s operations to come forward. Investors are advised to verify the legitimacy of any platform with the SEC before investing.
