Crypto Bridge Exchange, CBEX, the embattled digital trading platform under investigation for allegedly defrauding over 600,000 Nigerians of ₦1.2 trillion, has resumed operations, despite being declared illegal by the Securities and Exchange Commission, SEC, and placed under probe by the Economic and Financial Crimes Commission, EFCC.
Sources told The PUNCH that CBEX, which shut down in April following a reported trading collapse, quietly reopened its platform, enabling new users to register, trade, and withdraw funds. However, existing investors remain unable to access their frozen accounts until at least June 25, 2025, pending the outcome of an external audit being conducted by a UK-based insurance firm.
CBEX had promised investors a 100% return within 30 days via artificial intelligence -driven trading. The platform began operations in 2024, registering with the Corporate Affairs Commission and the EFCC’s Special Control Unit Against Money Laundering by January 2025. But on April 14, it suffered a massive failure, reportedly due to a full-capital AI trading loss, wiping out users’ funds.
The EFCC responded by declaring eight individuals wanted, including Johnson Oteno, Israel Mbaluka, Joseph and Serah Michiro, Adefowora Olanipekun and Oluwanisola, Emmanuel Uko, and Seyi Oloyede. One major platform figure, Adefowora Abiodun, turned himself in for questioning on Monday.
Despite warnings from regulators, new users continue to flock to the reopened CBEX platform, attracted by promises of high returns and referral bonuses. Traders confirmed that while new accounts can operate freely, older accounts remain inaccessible unless users undergo a verification process involving fresh deposits.
“For previous users with $1,000 capital, they must inject $100 to restore their account,” said a source. “Those with over $1,000 must inject $200. Without this, account balances won’t reflect. Withdrawals from these old accounts will only start from June 25, and even then, only 50% of the balance can be withdrawn initially.”
The platform, in what appears to be a rebranding strategy, has stopped automated AI trading. It now requires users to manually input trade signals provided thrice daily. Meanwhile, an audit is ongoing to verify claims of total losses, with promoters disputing the reported ₦1.2 trillion figure, saying losses amounted to no more than ₦126 billion.
READ ALSO: Key promoter in CBEX scandal arrives EFCC
In a Telegram group update, an admin known as Laura attributed the April 14 collapse to a cyberattack that compromised the AI system. “This wasn’t the work of a lone hacker. It was a coordinated breach, possibly linked to last month’s Bybit hack. The UK government’s investigation will determine the truth,” she said.
The admin claimed compensation is underway, facilitated by an insurance partner, ST Fund. “The EFCC contacted CBEX and verified that compensation has begun. Why would the EFCC go public if it wasn’t sure?” she added.
Still, the EFCC has expanded its probe, declaring foreign national Elie Bitar wanted for alleged involvement in the CBEX scam. His last known location is in Lekki, Lagos, and the commission is appealing to the public for tips on his whereabouts.
Amid rising concerns over digital scams, the Nigerian Financial Intelligence Unit (NFIU) issued a fresh advisory warning Nigerians—particularly students and freelancers—against unregulated investment platforms. The advisory flagged platforms like ADK, WWCoin (TOFRO), eWealth Connect, EWC, and Delux for exhibiting classic Ponzi traits.
“ADK operates with unsustainable referral rewards and charges a 9% withdrawal fee, functioning like a pyramid scheme,” the NFIU warned. “WWCoin’s promise of 6% daily profit, along with hefty withdrawal charges, is highly suspicious.”
EWC was noted for its P2P auction system and native token incentives, though the NFIU cautioned that the platform’s legal status remains unverified. Delux, which encourages users to earn via social media tasks and referrals, also raised red flags.
The NFIU listed several signs of fraudulent schemes: unrealistic profit guarantees, emphasis on recruiting, fake tokens and partnerships, vague business models, and pressure to invest quickly.
SEC Director-General, Dr. Emomotimi Agama, reinforced the call for caution. Speaking at a market sensitisation campaign in Abuja, he stressed that CAC and EFCC registrations do not substitute SEC approval. “If it sounds too good to be true, it likely is,” he warned, noting that the new Investments and Securities Act imposes a ₦20 million fine and a 10-year jail term for Ponzi operators.
Agama advised Nigerians to verify any investment platform with the SEC and to be wary of online schemes masked as training programs. “The government will not sit back while Nigerians are defrauded,” he stated.
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