Despite an ongoing investigation into a N1.2 trillion fraud and a ban by Nigeria’s Securities and Exchange Commission (SEC), the controversial trading platform, Crypto Bridge Exchange (CBEX), has resumed operations. CBEX is accused of defrauding over 600,000 Nigerian investors through a digital investment scheme that promised unrealistic profits.
According to findings by The Punch, two traders confirmed that CBEX quietly restarted its platform. New users can now register, trade, and withdraw profits, even as regulatory agencies in Nigeria and the United Kingdom continue to investigate the firm.
One trader told The Punch, asking not to be named, “People can now withdraw from the CBEX platform. The withdrawal option has been activated. Let me explain. Old accounts were wiped out when AI lost the trades on April 14. But now, if you had $1,000 before, you can bring in $100 to reactivate your account. For accounts with more than $1,000, you need to add $200.”
He added, “Starting June 25, users will be able to withdraw 50 percent of their reactivated capital, and the remaining 50 percent can be withdrawn from August 25, provided verification is completed.”
The trader said CBEX is working with a UK-based insurance firm to verify claims and conduct an audit. The process is expected to conclude in 30 to 60 days.
CBEX had promised investors a 100 percent return within 30 days, claiming that artificial intelligence powered the trades. But the platform collapsed on April 14, 2025, allegedly after a trading algorithm failed. This led to massive financial losses and widespread outrage.
The Economic and Financial Crimes Commission (EFCC) is currently investigating CBEX. The commission has declared eight individuals wanted for promoting the scheme, including Johnson Oteno, Israel Mbaluka, Joseph Michiro, Serah Michiro, Adefowora Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, and Seyi Oloyede.
One of the platform’s top promoters, Adefowora Abiodun, has voluntarily turned himself in for questioning.
While existing investors remain locked out of their old funds, new users are able to register accounts, fund them, and withdraw profits without restrictions.
A source explained, “Currently, fresh investors can register, fund their accounts, and withdraw money. The audit only affects old accounts, which is why new accounts are not restricted. They are also offering referral bonuses that can be withdrawn immediately.”
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CBEX promoters insist they are not running a Ponzi scheme and that the total amount lost is being exaggerated. They claim only N126 billion was lost, not N1.2 trillion as alleged by authorities.
One Telegram group created by CBEX for information sharing showed an administrator named Laura telling members that an AI system failure was behind the April 14 collapse. She added that hackers may have attacked the platform.
Laura said, “This was an organized and premeditated attack. It is still under investigation, and we’re waiting for the UK government to release the official report. Many rumors, like the claim that administrators moved $800 million, are false and slanderous.”
She confirmed that the insurance company has begun processing compensation claims and that some users have started receiving payouts.
“The UK government is negotiating with Nigerian authorities. The EFCC also contacted CBEX and confirmed that the insurance firm is compensating users. If the EFCC wasn’t sure, they wouldn’t say publicly that users will get their money back,” she claimed.
However, efforts by The Punch to reach EFCC spokesperson Dele Oyewale for a response were unsuccessful.
Meanwhile, the EFCC has declared a Lebanese national, Elie Bitar, wanted for his alleged involvement in the CBEX scam. In a statement released on its social media channels, the anti-graft agency urged anyone with useful information about Bitar’s whereabouts to contact its offices. His last known address was in Lekki Phase 1, Lagos.
The Nigerian Financial Intelligence Unit (NFIU) has also raised the alarm over the growing number of unregulated investment platforms operating in Nigeria. In an advisory issued on Wednesday, the agency warned citizens against digital trading platforms that promise quick, unrealistic returns.
Among the platforms flagged are eWealth Connect, WWCoin (TOFRO), Delux, and ADK. According to the NFIU, these platforms use deceptive marketing and pyramid recruitment systems to trap investors.
The advisory read, “ADK is a high-risk investment and betting platform that profits through a 9 percent withdrawal fee and investor losses. It uses multi-level agents to lure new investors and shows strong signs of being a Ponzi scheme.”
The NFIU described such platforms as dangerous, especially in countries with weak investor protection laws.
Despite these warnings, new users continue to join CBEX, lured by promises of fast profits and the platform’s reactivation. Industry experts are now urging regulators to step up enforcement and educate the public about the risks of digital scams.
A financial analyst, who asked not to be named, said, “This is not the first time we are seeing such schemes. As long as people remain unaware and desperate for quick money, these platforms will keep finding ways to return.”
The CBEX controversy has once again highlighted the dangers of unregulated online investments and the need for stronger investor protection measures. As investigations continue, both old and new investors remain hopeful, but cautious, about recovering their funds.