CBEX Crypto Firm Reboots Despite $940m Fraud Claim

Despite being declared a ponzi scheme and its key staffers being on the run over alleged $940 million digital trading fraud, Crypto Bridge Exchange (CBEX) has resumed operations in Nigeria, announcing fresh withdrawal options.

The fraud, which the anti-corruption watchdog economic and financial crimes commission (EFCC) said affected more than 600,000 Nigerian investors, is back in operation to restore investor confidence.

Recall that some of its wanted staff earlier surrendered to the authorities.

Some traders said the platform had quietly resumed operations, allowing new users to register, trade, and withdraw “profits,” despite ongoing investigations by regulatory agencies.

Nigerians say that withdrawal options on the CBEX platform had been reactivated, but older accounts had their investment deleted except for new accounts.

Alabi ojo, one of the traders, said that they could now make withdrawals but that the old accounts were blank.

CBEX is currently reaching out to investors through a telegram group.

An admin of the group identified as Laura, said in one message: “there are some factors in the incident on April 14th that I cannot tell you in detail. I can only tell you that AI was attacked and the trading strategy was tampered with.”

Although authorities did not immediately respond to the latest development, the EFCC said it was collaborating with Federal Bureau of Investigation (FBI) and Interpol for proper investigations into CBEX.

CBEX, a digital investment platform, offered investors 100% profit after 30 days of purported AI trading.

It started operations after receiving registration approval from the corporate affairs commission (CAC) on September 25, 2024, and the EFCC’S special control unit against money laundering on January 16, 2025 and it collapsed on April 14, 2025, when investors could no longer access the website and all withdrawal processes blocked.

Another foreign national, Elie Bitar is also on the list for alleged involvement in a cryptocurrency fraud.

The Securities and Exchange Commission (SEC) had on April 17, 2025 issued a statement advising Nigerians to refrain from investing in or dealing with any entity offering unrealistic returns or employing similar recruitment-based investment models.

Head of media and publicity at the EFCC, Dele Oyewale, said the agency was commitment tracking down individuals exploiting Nigerians through financial fraud.

A verification process and an external audit are underway to ascertain the actual amount lost in the scheme, which collapsed in late April.

The existing investors, many of whom have been unable to access their funds for weeks, will be able to take out their funds starting from June 25, 2025, when the audit was expected to be concluded by an insurance firm based in the united kingdom, reports say.