CBEX Resurfaces, Demands Fees From Scammed Investors

Abuja, Nigeria – Weeks after abruptly shutting down and allegedly absconding with hundreds of thousands of dollars from unsuspecting Nigerian investors, the fraudulent digital financial platform Crypto Bridge Exchange (CBEX) has reportedly resumed operations nationwide. This development has been met with a mix of cautious optimism and renewed suspicion from its former victims.

Investors who had lost their life savings in the scheme revealed that CBEX operators are now urging them to log back into their accounts, claiming their balances have been restored.

“Someone told me to check my CBEX account this morning, claiming our balances had been restored,” one investor, who wished to remain anonymous, told Peoples Gazette, sharing a screenshot purporting to show returned funds.
However, the purported return of funds comes with a troubling new condition: the Ponzi scheme is demanding a fee to reactivate accounts before any withdrawals can be made.

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“This seems like another trap—they’re asking for $200 to ‘continue trading’ before allowing withdrawals,” another affected investor stated. According to their account, investors with balances over $1,000 are being charged $200, while those with smaller investments are required to pay $100.

It will be recalled that in April, CBEX abruptly froze its operations, locking investors out of their accounts and wiping out significant savings. The sudden shutdown triggered widespread outrage across the country, including the reported looting of the scheme’s Ibadan office.

CBEX, which operated as a digital trading platform, had lured investors with promises to double their deposits within 40 days. When victims attempted to voice their grievances on the scheme’s Telegram group following the initial shutdown, administrators reportedly restricted access, attributing the losses to a “hacker attack” that allegedly compromised their security systems.

The Economic and Financial Crimes Commission (EFCC) has been actively investigating the scam. The agency has arrested several suspects tied to the scheme and has successfully traced stolen funds to three or four foreign countries.

The EFCC has also declared several Nigerian collaborators wanted, adding two more names to their list just last week.
Despite these ongoing efforts, the EFCC has previously conceded that it may not be able to recover all lost investments, leaving many victims with little hope of full restitution. The new demands from CBEX operators raise further concerns about the possibility of re-victimization for those desperate to recover their initial losses.