Weeks after vanishing with millions in investors’ funds, controversial cryptocurrency platform Crypto Bridge Exchange (CBEX) has reportedly resumed operations — but not without fresh controversy.
Multiple victims of the alleged Ponzi scheme told PLATFORM TIMES on Tuesday that the platform has reactivated users’ dashboards, displaying their previous balances.
However, the operators are now demanding a $200 “reactivation fee” before withdrawals can be processed.
“I got a message that CBEX is back online,” said one Ibadan-based investor.
“My dashboard shows my original balance, but now they say I must pay $200 to withdraw. This looks like another scam layer.”
Victims with smaller deposits, under $1,000, are being asked to pay $100, while those with higher balances must pay $200 to “continue trading” or access funds.
CBEX had abruptly shut down operations in April 2025, locking thousands of Nigerians out of their accounts and wiping out what many described as their life savings.
At the time, the platform blamed an alleged “hacker attack” for the sudden collapse, a claim many investors dismissed as a cover-up.
In the aftermath of the shutdown, angry investors reportedly stormed and looted the platform’s office in Ibadan, Oyo State, expressing outrage over their losses.
CBEX gained traction in late 2024 by promising unrealistic returns — pledging to double deposits within 40 days.
The scheme operated primarily through Telegram, where its administrators eventually restricted user access once complaints surged.
The Economic and Financial Crimes Commission (EFCC) has since launched investigations, arresting several individuals linked to the scam.
According to sources within the anti-graft agency, stolen funds were traced to accounts in three foreign countries, and more Nigerian collaborators were declared wanted just last week.
However, EFCC officials admit that full recovery of the stolen funds is unlikely, leaving many victims stranded and financially devastated.
Experts warn that CBEX’s latest move may be a ploy to defraud victims again, urging Nigerians not to fall for the bait.
“It’s a classic double-dip strategy,” a fintech analyst who requested anonymity told PLATFORM TIMES. “First they take your money, vanish, return with fake promises, and then demand more. People should be very cautious.”
The EFCC is yet to release an official statement on CBEX’s reappearance, but sources confirm the agency is monitoring developments closely.
CBEX’s renewed activities underscore the growing threat of digital investment fraud in Nigeria and the urgent need for stronger regulatory oversight and investor education.
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