Controversial digital trading platform, Crypto Bridge Exchange (CBEX), has resumed operations despite being under investigation for an alleged ₦1.2 trillion cryptocurrency fraud that reportedly affected over 600,000 Nigerians.
The platform, which collapsed on April 14, 2025, is under investigation by the Economic and Financial Crimes Commission (EFCC) and has been declared illegal by the Securities and Exchange Commission (SEC). Despite these warnings, CBEX has quietly reopened, allowing new users to register, trade, and withdraw funds.
Sources confirmed that the platform has introduced new withdrawal options and claims that old investors will begin accessing funds from June 25, after a financial audit currently being conducted by a UK-based insurance company.
In its defence, CBEX attributes the platform’s crash to a technical failure involving AI trading, claiming an “attack” wiped users’ accounts. However, they insist the platform is insured and undergoing verification to compensate affected investors. CBEX now requires old users to deposit fresh funds—₦100 to ₦200 depending on previous investments—to restore their wiped balances.
New users, meanwhile, face no restrictions and are reportedly able to withdraw profits normally. Traders say the company is trying to restore confidence and prove it’s not a Ponzi scheme.
However, Nigerian authorities remain firm. The EFCC recently declared Elie Bitar, a foreign national linked to CBEX, wanted for fraud. The Commission had earlier declared eight Nigerians wanted in connection with the scheme.
Separately, the Nigerian Financial Intelligence Unit (NFIU) issued a public warning against CBEX and other unlicensed digital platforms like WWCoin (TOFRO), Delux, eWealth Connect, and ADK, calling them high-risk Ponzi-like operations. The NFIU highlighted red flags such as unrealistic profit promises, aggressive referral incentives, and lack of transparency.
Also speaking on the rising threat of illegal schemes, SEC Director-General Emomotimi Agama clarified that registration with the Corporate Affairs Commission (CAC) or even the EFCC’s Special Control Unit Against Money Laundering (SCUML) does not legitimise any investment firm. He emphasized that only registration with the SEC gives a company legal standing to operate as an investment platform in Nigeria.
“It is disheartening that some Nigerians and foreign companies have specialised in duping people. The government won’t sit and watch Nigerians being defrauded,” Agama said.
The SEC also reminded the public that the new Investments and Securities Act carries penalties of up to ₦20 million in fines and 10 years imprisonment for those found guilty of promoting Ponzi schemes.
Despite these official warnings, CBEX appears to be gaining fresh users, drawn by promises of quick profits and referral bonuses. Regulators are urging Nigerians to exercise extreme caution, conduct proper verification, and avoid platforms that offer guaranteed high returns with no risk.
