Despite EFCC Crackdown, CBEX Quietly Resumes Amid N1.2 Trillion Fraud Scandal, Promises Payouts in June

 

After weeks of silence and mounting investor anxiety, the embattled Crypto Bridge Exchange (CBEX) trading platform has quietly resumed operations—even as it remains under investigation by Nigeria’s Economic and Financial Crimes Commission (EFCC) for allegedly orchestrating one of the country’s largest digital financial frauds to date.

Two CBEX traders confirmed on Wednesday that the platform, which collapsed on April 14, 2025, is now accessible once again. New users can register, initiate trades, and—most importantly—withdraw profits. This unexpected relaunch comes despite the EFCC and the Securities and Exchange Commission (SEC) having jointly declared CBEX illegal, labeling its operations as unauthorized and deceptive.

Traders familiar with the development disclosed that the platform made the announcement discreetly, targeting both new and existing users. According to the communication, existing investors—many of whom have been unable to access their funds for several weeks—will be eligible to withdraw their trapped investments beginning June 25, 2025.

The withdrawal window is tied to an ongoing audit being conducted by a UK-based insurance firm, which the platform claims will conclude by the set date. CBEX asserts that the audit is meant to assess liabilities and determine the payout structure to affected investors. Whether this marks a sincere attempt at restitution or a strategic move to regain public trust remains uncertain.

What is clear, however, is the scale of the devastation left in the wake of CBEX’s abrupt collapse last month. Approximately 600,000 Nigerians are believed to have been impacted, with cumulative losses estimated at N1.2 trillion. Investors from across the country, lured by promises of unprecedented returns, poured money into what was marketed as a revolutionary AI-powered trading scheme offering 100% profit after just 30 days.

The platform’s marketing was aggressive and polished, leveraging social media influencers, glossy presentations, and purported endorsements to drive subscriptions. But the collapse exposed what regulators now suspect was a classic Ponzi scheme, operating under the guise of sophisticated digital asset management.

Despite the ongoing investigations, the decision by CBEX to resume operations has raised questions over regulatory enforcement and investor protection. Some industry watchers argue that the platform’s return is not just premature, but dangerous—particularly for new users who may be unaware of the legal cloud surrounding CBEX.

“There is no legitimate basis for them to be operating again,” said a compliance analyst at a Lagos-based fintech consultancy. “When a platform is declared illegal by both the EFCC and the SEC, any further operations should be treated as an active defiance of regulatory authority. This sets a very dangerous precedent.”

Nonetheless, CBEX’s administrators appear to be banking on short-term memory and investor desperation to stage a comeback. Many affected users are reportedly still holding out hope that their funds will be returned, making them susceptible to further manipulation.

According to internal communication shared among traders, CBEX has introduced new withdrawal mechanisms designed to “rebuild investor confidence.” While the specifics of these mechanisms remain unclear, sources suggest that the platform is now routing transactions through alternative crypto payment channels, possibly to evade stricter scrutiny by local financial institutions.

The EFCC has yet to issue a formal response to the resumption of CBEX’s activities. However, officials previously confirmed that they are gathering testimonies, reviewing digital transaction logs, and collaborating with international agencies to trace the flow of funds. Legal experts anticipate that the outcome of the investigation could lead to criminal indictments, asset seizures, and possible extradition proceedings for key figures behind the platform—particularly if they are found to have misled investors knowingly.

For thousands of Nigerians who staked their livelihoods on CBEX, the new June 25 withdrawal date represents both a sliver of hope and a potential trap. Already, various WhatsApp and Telegram groups—previously buzzing with warnings and legal advice—are now filled with renewed speculation and cautious optimism.

“What other option do we have but to wait?” said one investor who lost over ₦4 million. “If there's even the smallest chance we can get our money back, we’ll take it. But I won’t put in a kobo more.”

As the digital finance space in Nigeria continues to expand, cases like CBEX serve as a stark reminder of the perils that come with insufficient regulation, poor investor literacy, and the allure of easy profits. While the platform’s next move remains unpredictable, one thing is certain: all eyes—of investors, authorities, and the broader crypto community—are watching.

Will CBEX deliver on its promise, or is this simply the second act of a much larger scam? For now, the countdown to June 25 begins.