Crypto Bridge Exchange (CBEX), the notorious Ponzi scheme that defrauded thousands of Nigerians earlier this year, has resumed operations nationwide. Shockingly, the platform is now asking victims to pay additional fees, up to $200, to reactivate their accounts and recover their lost investments.
Several investors have reported being contacted by CBEX operators, who instructed them to log back into their accounts to see their balances restored. However, access to withdrawals comes with a catch: investors with deposits above $1,000 are required to pay $200, while those with smaller investments must pay $100 to “activate” their accounts before they can request withdrawals.
One investor told the Peoples Gazette, “I was asked to pay $200 to continue trading and to be able to withdraw my funds. It feels like they are trying to lure us back into the scheme.”
CBEX abruptly halted operations in April, leaving many Nigerians unable to access their life savings. The sudden shutdown sparked widespread outrage, including a violent incident at the scheme’s Ibadan office. The platform had promised to double investors’ money within 40 days through supposed AI-powered trading, a claim that was later exposed as fraudulent.
In response to the scheme’s collapse, the Economic and Financial Crimes Commission (EFCC) launched an investigation, arresting several suspects and tracing illicit funds to multiple countries. The EFCC has declared some Nigerian collaborators wanted and cautioned that recovering all lost investments may not be possible.
Despite these efforts, CBEX has quietly resumed operations, allowing new users to trade and withdraw profits while old investors await a promised audit scheduled for June 25, 2025. The platform now reportedly requires manual trade inputs and claims to have an insurance-backed compensation process underway, with some investors already receiving partial payouts.
The Securities and Exchange Commission (SEC) has reiterated warnings against unregistered investment platforms like CBEX, urging Nigerians to exercise caution and avoid schemes promising unrealistic returns.
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