Breaking: CBEX resumes operations

Despite facing serious allegations of a N1.2 trillion digital trading fraud that left over 600,000 Nigerians stranded, the embattled Crypto Bridge Exchange (CBEX) has reportedly resumed operations, quietly announcing new withdrawal options in what appears to be an attempt to regain investor trust.

Two traders familiar with the platform disclosed on Wednesday that CBEX has reopened its digital doors, enabling new users to register, trade, and even withdraw profits. This comes even as multiple regulatory agencies continue investigations into the platform’s controversial activities.

According to the sources, CBEX is currently undergoing an insurance verification and external audit of its financial records to determine the actual amount lost when the platform collapsed in April 2025. The audit, reportedly being conducted by a UK-based insurance firm, is expected to be concluded by June 25, after which existing investors may be able to access their locked funds.

This surprising development follows recent declarations by the Securities and Exchange Commission (SEC), which branded CBEX’s operations illegal. The Economic and Financial Crimes Commission (EFCC) also confirmed that a full-scale investigation into the platform’s operations is underway.

CBEX had attracted widespread attention in 2024 after launching with claims of using artificial intelligence for trading, promising investors 100% returns in just 30 days. The firm was registered with the Corporate Affairs Commission (CAC) on September 25, 2024, and also received documentation from the EFCC’s Special Control Unit Against Money Laundering on January 16, 2025.

However, the scheme came crashing down on April 14, 2025, leaving thousands of Nigerians in financial ruin. In response, the EFCC declared eight key promoters of the scheme wanted. The suspects include Johnson Oteno, Israel Mbaluka, Joseph Michiro, Serah Michiro, Adefowora Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, and Seyi Oloyede.

In a notable twist, Adefowora Abiodun, one of the platform’s top traders and alleged leaders, voluntarily turned himself in to the EFCC on Monday for interrogation.

Meanwhile, the SEC has continued to warn Nigerians about the dangers of investing in platforms that promise unrealistic returns. The commission emphasized the need for extreme caution, especially with schemes disguised as digital trading platforms.

As CBEX attempts a quiet comeback, many investors remain skeptical, awaiting the outcome of the ongoing investigations and the promised June 25 audit results.