BACK AGAIN? - CBEX's Web of Lies Deepens as Nigerians Count Losses and a New Platform Mimics the Same Deception

 

CryptoBridge eXchange (CBEX), a once-hyped platform that positioned itself as a digital wealth solution, is now facing mounting scrutiny and anger from Nigerian users who accuse it of executing a calculated Ponzi scheme. Promises have evaporated, timelines have shifted, and the narrative continues to spiral with every new excuse delivered to a growing base of disillusioned investors.

Tensions escalated further after the platform failed to meet its June 25 repayment deadline. CBEX had boldly announced it would return 50% of users’ locked funds on that date, a pledge many saw as the beginning of restitution. That repayment never came. Instead, users were met with silence, deflection, and yet another vague explanation: an audit supposedly targeting arbitrage traders.

Earlier in April, CBEX had already halted withdrawals without prior notice. The sudden freeze left users stranded and confused. Soon after, the company claimed its system had suffered a major hack. Rather than providing clarity or compensation, CBEX introduced a new rule—users had to pay a verification fee to unlock access to “sub-accounts,” which were marketed as the gateway to getting their funds out.

At first, these fees were tiered: $100 for users with account balances below $1,000 and $200 for higher accounts. Later, the fee was standardized to a flat $100, regardless of balance. Four victims, who spoke with TechCabal, admitted they paid the fee in desperation. None have received any refund or access to their funds.

Jesi Treasury, a user who lost her money to the platform, didn’t mince words: “Those guys have absconded with our money. They said they will be auditing till December 25, 2025. It’s another lie.” Treasury and others believe that CBEX’s recent association with another so-called investment scheme, HHHE Limited, is merely a rebranded attempt to continue defrauding unsuspecting victims.

CBEX’s new message is one of delay masked as diligence. The audit they speak of has become a convenient excuse to buy time, pacify frustrated users, and maintain the illusion of a functioning enterprise. In reality, users are no closer to recovering their funds than they were in April.

While the majority have not seen a single naira returned, TechCabal managed to speak with one individual who claims to have received payments from the platform in early June. Preferring anonymity, the user provided verified transaction records showing withdrawals on June 4, 5, and 9. He attributed his success to holding VIP status, which he said came through referrals and multiple family accounts. However, even this user confessed that he had not made a profit, stating that his cumulative withdrawals still fell short of his total investment.

Beyond the shifting payout dates and unverifiable audits, CBEX continues to operate a façade of normalcy. The platform still sends out daily “trading signals”—a ritual involving copying alphanumeric codes into its app at specific times. This process, presented as a strategy for optimizing returns, now functions more as a psychological hook, keeping users engaged and distracted from the reality that their funds may be irretrievable.

What’s more alarming is CBEX’s shift in public affiliations. The platform recently announced it had partnered with ZS Exchange Group, quietly dropping any mention of its previous link to Super Team Technology (ST Technology). Yet checks into both entities yield troubling findings. ST Technology appears to be a ghost company with no operational record, while ZS Exchange Group does not exist in any traceable capacity as a cryptocurrency firm. The only known ZS is an Indian consulting company, which has no connection whatsoever to CBEX.

This misleading partnership announcement coincided with the rollout of a new website under the name HHHE, supposedly a fresh platform backed by the same shady team. HHHE flaunts what it claims is a Money Services Business license from FinCEN, part of the US Department of Treasury. But this claim does not hold up under scrutiny. Searches for HHHE and its supposed parent company reveal no credible business listings, no verifiable digital footprint, and no proof of financial legitimacy.

Observers believe this is just another arm of the same fraudulent operation. HHHE mirrors CBEX’s tactics, right down to the same promotional language, verification fees, and withdrawal promises. It seems designed to sweep in a new wave of users while the original CBEX platform fades into obscurity.

Despite CBEX’s mounting red flags, a segment of the Nigerian user base remains hopeful. Some refuse to give up, clinging to the next announced date or rumored payout. Others, worn down by the deceit, have already written off their losses.

Attempts to reach CBEX for comment have gone unanswered. Their official communication channels continue to post updates that sound more like scripts recycled from earlier delays. Mentions of audits, security upgrades, and partnerships now ring hollow.

Financial scams are not new in Nigeria, but CBEX’s model reflects a worrying evolution. By combining elements of cryptocurrency, referral incentives, and digital theatrics like “trading signals,” the scheme created an illusion of sophistication that obscured its predatory nature. The introduction of HHHE suggests that the people behind CBEX are not finished yet; they are simply pivoting, rebranding, and recycling the same tactics with new names and fresh victims.

Nigerian authorities have not issued any official statement regarding CBEX or HHHE, and no enforcement action appears to be underway. This absence of regulatory intervention only compounds the situation, allowing the cycle to repeat and expand.

For now, those who lost money in CBEX are left with screenshots, unfulfilled promises, and a growing realization that they may never recover what was taken. And as the same architects of deceit build another house of cards under a different name, more people may soon find themselves in the same painful position—hopeful, misled, and ultimately betrayed.