Weeks after vanishing with vast sums of investor funds, the infamous Crypto Bridge Exchange (CBEX) — a fraudulent digital finance platform — has resumed activity across Nigeria, raising fresh concerns about renewed deception.
The platform, widely exposed as a Ponzi scheme, halted operations abruptly in April after luring thousands of Nigerians with promises to double their investments in 40 days. The sudden shutdown left many unable to access their accounts or retrieve their funds, leading to widespread outrage and a chaotic attack on the company’s Ibadan office.
Now, CBEX is back online and contacting former investors, urging them to revisit the platform to “reclaim their balances.” Several individuals shared screenshots showing the return of their original investment figures on the app.
But there’s a catch — to activate their accounts and initiate withdrawals, investors are now being told to pay a new activation fee. According to multiple victims, the platform demands $200 from those with investments above $1,000 and $100 from smaller account holders.
“It feels like they’re baiting us again,” one investor told Peoples Gazette. “They’re trying to get us to pay more money just to access what we already lost.”
CBEX previously silenced investor complaints by locking its Telegram channel and blaming the platform’s failure on an alleged cyberattack. The move was widely seen as a cover for the massive financial heist.
The Economic and Financial Crimes Commission (EFCC) has since arrested multiple suspects tied to the operation and discovered that stolen funds were routed through several countries. The agency recently declared two more individuals wanted in connection with the scheme.
Despite progress in investigations, the EFCC has issued a sobering update — the commission may not be able to recover all stolen funds, leaving many victims with little hope of financial restitution.
As CBEX attempts a re-entry into the digital finance space, authorities warn the public to stay alert and avoid further engagement with the platform. The resurfacing of such a scheme highlights ongoing regulatory and security challenges in Nigeria’s fast-growing digital finance sector.
