False Hope or Further Fraud? CBEX Reappears with Wallet Balances, Requests New Fees Amid Ongoing Probe

 

CBEX’s Reappearance Sparks New Outrage as Victims Confront Demands for More Money

The controversial Crypto Bridge Exchange (CBEX), previously dismissed as a Ponzi scheme by financial watchdogs and victimized investors alike, has re-emerged months after vanishing with millions in subscribers’ deposits. While its return could have been a relief to many, it instead ignited fresh outrage as users discovered they would need to pay additional fees to recover their own funds.

Victims, some of whom invested thousands of dollars before CBEX’s abrupt disappearance in April, were shocked to find their account balances restored on the now-active platform. However, the renewed access came with a catch: users were told to pay a new "retrieval fee" ranging from $100 to $200 depending on the amount they initially deposited.

“This is emotional blackmail,” lamented one affected investor who spoke under the condition of anonymity. “I can now see the balance in my wallet—exactly what I lost—but now they want me to pay again just to withdraw it. What happens if they disappear a second time?”

Such sentiments were echoed across social media platforms and closed investor groups, where suspicion and disbelief dominated discussions. Many compared the move to a second wave of exploitation, accusing CBEX’s operators of manipulating desperate victims in a bid to siphon even more money from them.

The fresh scandal unfolds amid intensified investigations by the Economic and Financial Crimes Commission (EFCC), which had earlier promised to pursue suspects and attempt recovery of lost funds. Earlier in the year, CBEX’s sudden collapse triggered chaos across Nigeria, especially among youth and small-scale traders who had trusted the scheme’s promise to double their investments within 40 days.

As the company shut down operations in April, users found themselves locked out of their accounts overnight. Panic quickly escalated into protest, culminating in the vandalization and looting of the company’s office in Ibadan, the capital of Oyo State. At the time, CBEX administrators claimed they were the victims of a cyberattack, a claim widely dismissed by experts and enraged investors as a smokescreen.

Attempts to control the narrative also included locking the official Telegram group, leaving many without a direct line of communication to the company. Meanwhile, the EFCC swung into action, arresting several suspects and freezing crypto and fiat accounts linked to the scheme. The agency also revealed that funds had been traced to foreign accounts in multiple countries, though it warned that full recovery may not be possible due to the complexity of international digital fraud.

Recent updates from the EFCC show that additional suspects have been declared wanted, as investigators dig deeper into the digital financial trail. Despite these efforts, hopes for full restitution remain dim, particularly in light of the CBEX platform's sudden reactivation and renewed demands.

Critics argue that the reappearance of the platform is nothing more than a calculated move to exploit public sympathy and generate another round of revenue from previously defrauded users. Digital finance analysts describe the move as “classic Ponzi resurgence tactics,” wherein fraudsters temporarily revive access to accounts or balances to build trust before initiating a second phase of extraction.

“There’s no logical basis for asking victims to pay more money in order to receive what they’ve already lost,” noted fintech consultant Mayowa Idowu. “This strategy relies on fear, confusion, and desperation—hallmarks of high-level crypto frauds.”

The EFCC has advised members of the public to remain cautious and to avoid making further payments to the platform without verified guarantees. A spokesperson for the commission stressed the need for patience as forensic and cross-border investigative procedures continue.

For now, many affected investors remain in limbo—some hopeful, others resigned. For those still clinging to the possibility of recovery, the decision looms large: risk another deposit in pursuit of restitution, or walk away from a scam that has already taken too much.

CBEX’s comeback has rekindled painful memories and raw wounds for thousands who entrusted the platform with their life savings. Whether this renewed activity will result in justice or further financial trauma remains uncertain, but one thing is clear: the shadow of CBEX continues to haunt Nigeria’s cryptocurrency landscape.