Update: CBEX Returns Investors’ Money to Accounts, Asks Them to Do This to Withdraw
CBEX Ponzi Scheme Resurfaces, Demands Fresh Payments from Nigerian Investors
By Eagles Sight News
Eagles Sight News reports that a digital investment platform, Crypto Bridge Exchange (CBEX), widely exposed as a Ponzi scheme, has returned to operations across Nigeria just weeks after suspending services and allegedly fleeing with hundreds of thousands of dollars belonging to unsuspecting Nigerian investors.
CBEX, which presented itself as a digital financial platform promising to double investors’ funds within 40 days, abruptly shut down in April 2025, leaving scores of Nigerians locked out of their accounts and unable to recover their money.
Now, in a surprising turn of events, some investors say the platform has been reactivated and users are being urged to log in to claim what appears to be refunded balances.
“Someone asked me to log into CBEX account this morning that they have returned our balance,” one of the investors told the Peoples Gazette on Tuesday, sharing a screenshot of the returned investment.
However, users have reported that the platform is demanding new payments before allowing withdrawals. According to them, the administrators have introduced a tiered reactivation fee based on the amount originally invested.
“But I think it is a way of luring people into it again because we were asked to pay $200 to continue trading with the account before we can apply for withdrawal,” another investor told the Gazette. “So, the $200 is for those with investments above $1,000. All those below are asked to pay $100.”
The platform’s sudden collapse in April triggered widespread panic, especially after its operations halted without warning. In Ibadan, one of the locations where CBEX maintained a physical office, angry investors reportedly stormed the premises and looted property in protest.
Despite claiming to be a legitimate trading platform, CBEX operated like a classic Ponzi scheme, using funds from new investors to pay off earlier participants until it became unsustainable.
Following the shutdown, the Telegram group associated with the platform was locked, restricting investors from expressing grievances publicly. In a statement posted on the group before it was closed, CBEX administrators claimed that the platform had suffered a hacking attack.
They alleged that a breach in their security system was responsible for the loss of users’ funds.
Investigations were soon launched by the Economic and Financial Crimes Commission (EFCC), which later confirmed that several individuals had been arrested in connection with the scheme. The EFCC also revealed that money traced to the fraud had been funneled to at least three or four foreign countries.
As the probe deepened, the EFCC declared several Nigerian collaborators wanted, with two more individuals added to the watchlist just last week.
Despite ongoing efforts to recover the stolen funds, the commission warned that not all victims may be reimbursed.
Editor’s Warning:
The information contained in this report is based on publicly available sources, eyewitness accounts, and statements from affected individuals. Eagles Sight News does not endorse or validate any investment claims made by CBEX or its affiliates. Readers are advised to exercise extreme caution and verify all financial platforms independently before engaging. This report is for informational purposes only and does not constitute financial advice.