After weeks of uncertainty and tension, investors on the Crypto Bridge Exchange (CBEX) platform are celebrating the return of trading activities and restored access to their accounts. This development has sparked renewed confidence among users, many of whom faced serious losses and locked accounts just weeks ago.
CBEX first attracted widespread attention in Nigeria in 2024, with promises of a 100% return on investment within just 30 days. The platform claimed that these returns were generated through advanced AI algorithmic trading. Its flashy branding, inspired by Shanghai’s tech scene, and offices in Lagos and Ibadan helped build excitement among Nigerian traders.
Moreover, CBEX’s multi-level referral incentives encouraged many Nigerians to join, hoping to earn from both their trades and their referrals. However, this excitement was short-lived.
On April 14, 2025, CBEX suddenly emptied the accounts of hundreds of investors without any prior warning. This action froze withdrawals and locked users out of their accounts, causing widespread panic and frustration among investors.
Many affected users protested at the physical branches of CBEX in Lagos and Ibadan, demanding answers and access to their funds. The company remained silent for days, further fueling anxiety and anger.
The sudden collapse raised serious questions about the platform’s operations and intentions.
The Economic and Financial Crimes Commission (EFCC) quickly began investigating the incident after complaints from disgruntled investors flooded its offices.
The anti-graft agency declared some suspects wanted in connection with the collapse and made a series of arrests as part of its ongoing probe. In recent statements, the EFCC Chairman announced that the agency has recovered some funds from the platform.
This move has given hope to investors who feared total loss of their money. The recovery of funds also sends a strong message about the government’s determination to clamp down on fraudulent investment schemes.
With trade volumes now returning on the CBEX platform, investors can access their accounts again and resume trading activities. This positive development has restored a measure of confidence among users, although many remain cautious.
Experts warn investors to remain vigilant and do thorough research before engaging in digital trading platforms, especially those promising unusually high returns in a short period.
Cryptocurrency trading has grown rapidly in Nigeria, with many young investors attracted by the promise of quick and high profits. However, the sector remains largely unregulated, making it vulnerable to scams and fraudulent schemes.
CBEX’s sudden collapse highlights the risks associated with crypto trading platforms that lack transparency and strong regulatory oversight.
The Nigerian government has been working on frameworks to regulate crypto trading and protect investors, but enforcement remains a challenge.
The CBEX incident serves as a cautionary tale for investors in Nigeria’s fast-growing crypto market. While the return of trade volumes and recovery of funds is good news, it does not erase the financial and emotional toll on affected investors.
Many are calling on regulators to step up efforts to monitor crypto exchanges and ensure they operate fairly and transparently.
Meanwhile, investors are urged to avoid platforms that promise unrealistic returns and to prioritize security and legitimacy when choosing where to trade.
