Despite fraud allegations and ongoing investigations, CBEX has resumed operations in Nigeria, reactivating withdrawals for new users only.
Despite being declared a Ponzi scheme and linked to a $940 million digital fraud affecting over 600,000 Nigerian investors, Crypto Bridge Exchange (CBEX) has resumed operations, reactivating withdrawals for new accounts while older investments remain erased.
Key Developments
1. CBEX allegedly offered 100% profit in 30 days via AI-powered crypto trading before collapsing on April 14, 2025.
2. The EFCC, in collaboration with the FBI and INTERPOL, is pursuing eight wanted staff, including four Kenyans and four Nigerians.
3. Some CBEX team members have reportedly surrendered to authorities.
4. Telegram is now the primary communication platform for CBEX, with admins offering vague explanations, citing an AI system breach.
Ongoing Concerns
• Old user accounts show zero balances, while new users can register, trade, and withdraw “profits.”
• Withdrawals for old investors are reportedly postponed until June 25, 2025, pending an audit by a UK-based insurance firm.
• SEC has issued warnings to avoid investment schemes offering unrealistic returns.
Regulatory Status
CBEX was registered with CAC (Sept 25, 2024) and cleared by SCUML (Jan 16, 2025) before its collapse.
The EFCC remains committed to tracking fraudsters and recovering funds.
International Scope: CBEX had operations in Kenya, South Africa, and Egypt, raising global attention to its cross-border fraud network.
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