Ponzi Scheme CBEX Resumes Operations, Demands More Payments From Nigerian Victims

Crypto Bridge Exchange (CBEX), a controversial digital finance platform exposed as a Ponzi scheme, has resumed operations weeks after vanishing with hundreds of thousands of dollars from Nigerian investors.

Despite widespread losses and public outrage following its abrupt shutdown in April, CBEX is now asking former users to return to the platform to “recover” their funds. Some investors reported seeing their previous balances restored upon logging into the site.

“Someone told me to check my CBEX account this morning, and I saw my balance had been returned,” an investor told Peoples Gazette, sharing a screenshot as evidence.

However, the supposed comeback comes with new conditions. Investors are now required to pay a reactivation fee—$200 for those who originally invested over $1,000, and $100 for smaller accounts—before being allowed to make any withdrawals.

Many suspect the move is another ploy to lure victims back in.

“I believe it’s just another trap,” one investor said. “They’re demanding more money before we can access anything.”

CBEX gained popularity by promising to double investors’ funds within 40 days. But in April, the platform abruptly shut down, leaving users locked out of their accounts. Chaos followed, including a looting incident at the company’s Ibadan office.

The operators initially blamed hackers for the platform’s collapse and restricted access to their Telegram group to silence complaints.

The Economic and Financial Crimes Commission (EFCC) has since arrested several suspects linked to the scheme. Investigators said the stolen funds were traced to multiple countries and declared some of the Nigerian collaborators wanted. Two more individuals were added to the wanted list last week.

Despite the crackdown, the EFCC has cautioned that full reimbursement for affected victims is unlikely.