CBEX ponzi scheme resumes business

Crypto Bridge Exchange (CBEX), a digital investment platform previously exposed as a Ponzi scheme, has resumed operations across Nigeria weeks after allegedly vanishing with hundreds of thousands of dollars belonging to unsuspecting investors.

The platform, which had halted trading and locked users out of their accounts in April, is now asking victims to return to the site and pay a fee to access their frozen balances.

“Someone asked me to log into my CBEX account this morning, saying our balance had been returned,” one investor claimed on Tuesday, while sharing a screenshot showing the allegedly restored funds.

However, many victims believe it’s another trap. According to them, CBEX operators are demanding $200 from users with balances above $1,000 and $100 from those with lower investments before withdrawals can be processed.

“But I think it is a way of luring people into it again,” another victim said. “You’re told to pay before withdrawing, even after all we lost.”

In April, CBEX collapsed overnight, locking users out of their accounts and vanishing with millions of naira. The fallout sparked outrage and chaos, including looting at the scheme’s Ibadan office. The platform had lured investors with the promise of doubling deposits within 40 days.

Shortly after the crash, CBEX locked its Telegram group, preventing affected users from expressing their frustrations. Operators blamed a supposed hacking incident, claiming their systems had been breached.

The Economic and Financial Crimes Commission (EFCC) later stepped in, announcing the arrest of suspects linked to the scheme. Investigations reportedly traced funds to at least four countries. Several Nigerian collaborators were declared wanted, with two additional suspects added to the list last week.

Despite these efforts, the EFCC has admitted that it may not be able to recover and return all the stolen funds to victims.