Despite being at the center of an alleged N1.2 trillion digital trading fraud that reportedly affected over 600,000 Nigerians, the embattled Crypto Bridge Exchange (CBEX) has quietly resumed operations. The platform, under investigation by Nigerian regulatory bodies, has announced new withdrawal options aimed at restoring investor confidence.
CBEX Trading Resumes Amid Scrutiny
According to confirmations by two CBEX traders who spoke with The PUNCH, the platform has reopened registration for new users, enabled trading activities, and allowed profit withdrawals—even as regulatory investigations are still underway. An external audit and insurance verification are ongoing to determine the actual losses in the collapsed scheme, which shut down in April.
Partial Access for Old Users to Begin June 25
The sources to Punch Newspapers disclosed that while old users remain locked out of their funds, CBEX plans to allow partial withdrawals from June 25, 2025, once the audit—being conducted by a UK-based insurance firm—is completed. Investors with existing capital will be required to re-inject part of their money to recover their balances.
“For accounts with $1,000 capital, a $100 re-injection is required to restore the account. Those with over $1,000 must inject $200,” one trader explained. From June 25, 50% of capital will reportedly be accessible, with full withdrawal expected by August 25—provided users undergo a verification process.
EFCC and SEC Maintain Probe, Platform Claims Insurability
This resumption comes just weeks after the Securities and Exchange Commission (SEC) declared CBEX illegal and the Economic and Financial Crimes Commission (EFCC) confirmed it was investigating the platform. Eight individuals connected to the platform have been declared wanted by the EFCC, including Johnson Oteno, Israel Mbaluka, Joseph Michiro, and Serah Michiro. On Monday, Adefowora Abiodun, a key promoter, turned himself in for interrogation.
CBEX insists that it is insured and that the platform’s collapse on April 14 was due to an AI malfunction that executed 100% of users’ funds in a failed trade. The company says the audit will prove the total loss is far less than the N1.2 trillion claimed, estimating actual losses at N126 billion.
New Investors, Referral Bonuses, and Manual Trading
The platform has opened its doors to new investors, who are currently able to deposit funds, trade, and withdraw profits without restrictions. Promoters are also offering referral bonuses which can be withdrawn instantly. However, old accounts remain under financial review and cannot be used for withdrawals until the audit concludes.
CBEX has also shifted from automated AI trading to manual trade signals. Users now receive trading codes which they must input themselves, reducing reliance on automated systems blamed for the April crash.
Promoters Deny Fraud Allegations
In a Telegram group dedicated to users, a CBEX administrator identified as Laura attributed the April 14 incident to a sophisticated cyberattack, claiming it was “an organized and premeditated action” beyond an individual’s capabilities. She stated that the attack compromised CBEX’s AI firewall and trading strategy.
Laura also alleged that rumor mongers and affected scammers were falsely accusing the platform of stealing over $800 million. She emphasized that funds are still intact, and that compensation has already begun for verified users through an insurance firm referred to as the ST Fund company.
EFCC Declares Another Suspect Wanted
As part of its ongoing crackdown, the EFCC has declared Elie Bitar, a foreign national, wanted for alleged involvement in the CBEX-related fraud. The Commission called on the public to report any information about his whereabouts.
NFIU Flags CBEX and Other Platforms in Fresh Warning
Meanwhile, the Nigerian Financial Intelligence Unit (NFIU) has issued a strong advisory warning Nigerians to avoid unregulated digital investment platforms, naming CBEX among other high-risk schemes. Others flagged include:
- eWealth Connect (EWC): Built on the Solana blockchain with tiered packages and auction-based P2P trading.
- WWCoin (TOFRO): Promises up to 6% daily returns with high withdrawal fees and aggressive incentives.
- Delux: A content monetization platform targeting freelancers, students, and creators.
- ADK: A betting and trading platform using deceptive win-rate claims and referral-based revenue.
According to the advisory, many of these platforms operate with Ponzi or pyramid scheme structures, relying on recruitment and unrealistic profit guarantees instead of legitimate trading.
SEC DG Warns Nigerians: CAC and EFCC Registration Is Not Enough
SEC Director-General Dr. Emomotimi Agama reiterated that having registration certificates from the Corporate Affairs Commission (CAC) and the EFCC’s Special Control Unit Against Money Laundering (SCUML) does not confer legitimacy on any investment scheme. Speaking during a sensitization tour in Abuja, he warned Nigerians to look out for common red flags like:
- Guaranteed high returns with no risk
- Lack of regulatory licensing
- Pressure to invest quickly
- Overreliance on referrals instead of real services
- Vague or opaque business models
Final Word: Exercise Extreme Caution
While CBEX’s promoters continue efforts to clear their name and regain public trust, regulatory bodies urge Nigerians to exercise extreme caution, conduct due diligence, and avoid platforms promising unrealistic returns under the guise of digital innovation.