CBEX Resumes Operations Despite ₦1.2 Trillion Loss and Ongoing EFCC Probe
In a surprising development, Crypto Bridge Exchange (CBEX), the digital investment platform accused of defrauding over 600,000 Nigerians of ₦1.2 trillion, has quietly resumed operations. This comes despite being declared illegal by the Securities and Exchange Commission (SEC) and under active investigation by the Economic and Financial Crimes Commission (EFCC).……CONTINUE READING
CBEX launched in 2024, promising investors a 100% return on investment within 30 days through AI-driven trading. The platform quickly attracted a massive user base, leveraging aggressive referral bonuses and a sleek digital interface. However, on April 14, 2025, the platform abruptly collapsed, leaving investors unable to access their funds. The EFCC has since declared eight individuals wanted in connection with the scheme.
Despite the ongoing investigations, CBEX has reopened its platform, allowing new users to register, trade, and withdraw profits. Existing investors, whose accounts were previously wiped, are now being asked to inject additional funds—$100 for accounts with $1,000 or less, and $200 for larger accounts—to restore their balances. Withdrawals for these accounts are promised to begin on June 25, 2025, following an external audit by a UK-based insurance firm.
The SEC has reiterated that CBEX is operating illegally and warned Nigerians against investing in platforms offering unrealistic returns. The EFCC continues its investigation, and experts caution that the platform’s resumption may be a tactic to regain credibility and attract new funds.
While initial reports estimated losses at ₦1.2 trillion, some analyses suggest the actual amount may be significantly lower. Techpoint Africa’s investigation estimates total deposits into CBEX-related wallets at approximately $6.1 million, highlighting the challenges in verifying the platform’s claims.
CBEX’s sudden return raises serious concerns about investor protection and regulatory enforcement in Nigeria’s digital investment space. As the EFCC and SEC continue their investigations, potential investors are urged to exercise extreme caution and conduct thorough due diligence before engaging with such platforms..CONTINUE READING
