Despite being under investigation for an alleged ₦1.2 trillion fraud that affected over 600,000 Nigerians, Crypto Bridge Exchange (CBEX) has resumed operations. The embattled platform is now allowing new users to register, trade, and withdraw profits, even as regulatory bodies like the Securities and Exchange Commission (SEC) and the Economic and Financial Crimes Commission (EFCC) maintain that its operations are illegal.
Sources confirmed that CBEX is undergoing an external audit by a UK-based insurance firm to verify the extent of losses from its April 14 collapse, which the company attributes to a malfunction in its AI trading system. The firm claims that an organized cyberattack tampered with its algorithm, leading to the loss of investor funds. In response, a verification process is underway, with compensation tied to an insurance-backed claims initiative.
According to traders on the platform, old accounts are still restricted from withdrawing funds but will be partially reactivated by June 25, 2025. Investors with balances under $1,000 must inject $100 to restore access, while those with more must contribute $200. Starting in June, these users can withdraw up to 50% of their capital, with the remaining balance becoming available from August 25.
In the meantime, CBEX has launched fresh trading features for new users, including manual trading signals and instant withdrawal of referral bonuses. The promoters insist that new accounts are not affected by the ongoing audit and that they aim to rebuild trust by showing transparency and continued operation. They deny allegations of fraud, claiming the company is wrongly accused and that actual losses were far less than reported.
However, the EFCC continues to pursue key figures linked to the platform. A prominent trader, Adefowora Abiodun, recently surrendered to the agency, and a foreign national, Elie Bitar, has been declared wanted. The EFCC has urged the public to provide information on his whereabouts as investigations intensify.
Meanwhile, the Nigerian Financial Intelligence Unit (NFIU) has issued a separate advisory warning against unregulated digital investment platforms. The agency flagged multiple platforms—such as eWealth Connect, WWCoin (TOFRO), Delux, and ADK—for exhibiting traits of Ponzi schemes. Common red flags include unrealistic returns, high withdrawal fees, and revenue models dependent on new investor recruitment.
SEC Director-General Dr. Emomotimi Agama has reiterated that registration with the Corporate Affairs Commission or the EFCC’s anti-money laundering unit does not validate an investment firm’s legitimacy. He warned that participation in unlicensed investment schemes could result in significant financial loss and criminal penalties, including fines of up to ₦20 million and jail terms of up to 10 years.
