Crypto Bridge Exchange (CBEX), a digital financial platform earlier exposed as a Ponzi scheme, has resurfaced weeks after allegedly disappearing with hundreds of thousands of dollars belonging to unsuspecting Nigerian investors.
![](https://thenigerialawyer.com/wp-content/uploads/2024/11/TheNigerialawyer-WhatsApp-Channel1.jpg")
CBEX abruptly shut down operations in April, leaving scores of Nigerians unable to access their accounts and prompting public outrage. The sudden collapse triggered panic and violent reactions, including the looting of the company’s Ibadan office.
Now, in a new twist, CBEX has reportedly resumed operations and is asking former investors to log into their accounts to reclaim their lost funds. Multiple investors confirmed the development, expressing skepticism and concern over what appears to be yet another ploy to extort more money from victims.
“Someone asked me to log into my CBEX account this morning, saying they’ve returned our balances,” one investor said, sharing a screenshot purportedly showing a returned investment.
However, access to the funds comes at a cost. Investors are now being told to pay activation fees — $200 for those with investments above $1,000, and $100 for those below — before they can withdraw any funds.
“I think it’s a way of luring people into it again,” another investor warned. “They’re asking us to pay before continuing to trade or apply for withdrawal.”
CBEX previously enticed investors by promising to double their deposits within 40 days, but abruptly shut down, citing hacking incidents and system breaches as reasons for the loss. Their Telegram group was also locked, allegedly to prevent users from posting complaints.
The Economic and Financial Crimes Commission (EFCC) later confirmed that suspects had been arrested, with funds traced to at least four countries. The anti-graft agency also declared several Nigerian collaborators wanted, with two new names added to the list last week.
Despite ongoing investigations, the EFCC has said that full recovery of victims’ funds may not be possible, leaving many still reeling from the financial blow.
Analysts have warned the public to stay away from CBEX’s renewed operations, describing the reactivation as a desperate attempt to revive a failed scam. Authorities have yet to confirm whether CBEX’s resumed activities are under surveillance.
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