Society Gists

A notorious digital investment platform, Crypto Bridge Exchange (CBEX), has resurfaced nationwide just weeks after vanishing with billions of naira from unsuspecting Nigerian investors in what authorities have identified as a Ponzi scheme.

CBEX, which had promised to double investor deposits within 40 days, abruptly ceased operations in April 2025, locking users out of their accounts and sparking outrage.

Many victims lost their life savings, and the incident led to the looting of the company’s office in Ibadan. Now, in a startling twist, the platform has come back online and is reaching out to former investors, claiming their funds have been “restored.”

However, users are being asked to pay additional fees — $100 or $200 depending on the size of their original investment — to reactivate their accounts and access the purported balances.

“Someone asked me to log into CBEX this morning, saying our balances have been returned,” one investor told Peoples Gazette, sharing a screenshot that appeared to show the reappearance of their account funds.

But the offer has been met with suspicion and alarm. “I think it is just another trap,” another investor said. “They are asking for $200 to continue trading or make a withdrawal.

For those with less than $1,000 invested, it’s $100.” Authorities have warned that the reactivation fees may be a new tactic by the fraudsters to extract more money from victims under the guise of fund recovery. CBEX had previously claimed its abrupt shutdown was due to a hacking incident, stating that its security systems had been compromised.

At the time, its Telegram group was disabled to prevent angry investors from sharing their frustrations. Following an investigation, Nigeria’s Economic and Financial Crimes Commission (EFCC) confirmed that several individuals had been arrested in connection with the scheme, and that funds had been traced to multiple countries.

However, the commission cautioned that full recovery and restitution for all victims may not be possible. “Some of the funds have been laundered across at least three or four countries,” an EFCC spokesperson said. “Efforts are ongoing, but we cannot guarantee complete refunds.”

Last week, the EFCC added two more names to its wanted list in connection with the CBEX fraud, as the search continues for key masterminds and collaborators within Nigeria.

Financial experts are urging the public to remain vigilant and avoid making any further payments to the CBEX platform, warning that the scheme’s sudden reappearance may simply be an attempt to lure victims back in with false hopes of recovery.

“This is classic Ponzi behavior,” one cybersecurity analyst noted. “They vanish with the money, wait for the dust to settle, then reappear with promises — and more demands. People should not fall for it again.”

As of now, the platform’s status remains under scrutiny, and affected investors are advised to report any suspicious activity to the EFCC or local law enforcement.