In a move that has stunned many Nigerians, the embattled Crypto Bridge Exchange (CBEX), accused of running a ₦1.2 trillion Ponzi scheme, has resumed operations despite ongoing investigations by both Nigerian and international authorities.
CBEX, which allegedly defrauded over 600,000 Nigerians through a high-yield digital investment scheme, quietly reopened its trading platform, allowing new users to register, trade, and withdraw profits. The resumption comes just weeks after the Securities and Exchange Commission (SEC) declared the platform illegal and the Economic and Financial Crimes Commission (EFCC) confirmed an active probe into its activities.
Multiple traders confirmed to The Watch that CBEX has reactivated withdrawal options for new accounts while maintaining restrictions on older investor accounts. These older accounts remain under review pending the outcome of an audit said to be handled by a United Kingdom-based insurance firm. According to CBEX insiders, users with previously wiped accounts are being asked to inject additional funds to restore balances—a move critics say mirrors classic Ponzi recovery tactics.
The company claims the loss of investor funds was due to a trading failure by its Artificial Intelligence system on April 14, 2025. Promoters allege the platform was attacked and insist that CBEX is not a scam but a victim of cyber sabotage.
Despite the company’s claims, Nigerian regulators have maintained their stance. The SEC has reiterated that CBEX was never licensed to operate as a digital trading platform in Nigeria, and the EFCC continues its investigation, with several individuals declared wanted for promoting the scheme.
Notably, while thousands of Nigerians still await access to their frozen funds, new investors are being lured with promises of quick profits and referral bonuses. A source within the CBEX user community confirmed that withdrawals for old accounts may resume from June 25, following the completion of the UK audit. However, critics argue that this timeline is unverified and designed to buy time.
CBEX’s continued operations, even as investigations span across Nigeria, the United Kingdom, Kenya, and South Africa, have raised questions about regulatory enforcement and investor protection. Lawmakers have called for an urgent crackdown, while financial watchdogs warn the public against reinvesting in the platform.
As the drama unfolds, CBEX’s defiant comeback underscores the challenges authorities face in policing digital investment platforms and protecting the Nigerian public from sophisticated online fraud.
