The Crypto Bridge Exchange (CBEX), a digital trading platform previously accused of orchestrating a ₦1.2 trillion fraud that has affected over 600,000 Nigerians, has reportedly resumed its operations despite ongoing investigations by both Nigeria’s Securities and Exchange Commission (SEC) and the Economic and Financial Crimes Commission (EFCC).
CBEX, which promised investors 100% returns within 30 days through AI-driven trading mechanisms, collapsed in April 2025, causing massive financial losses for its investors. The company had been operating with a highly aggressive marketing strategy that enticed many Nigerians with promises of swift returns, but those promises were shattered when the platform failed to sustain its operations. Despite the ongoing legal investigations into the alleged fraud, the platform’s promoters have recently claimed that they are undergoing an external audit by a UK-based insurance firm, which is intended to verify the extent of the losses incurred by investors. Furthermore, the promoters have also announced that withdrawals for existing investors will begin on June 25, 2025. This announcement, however, has not stopped the controversy surrounding the platform's continued operation amidst serious allegations.
In the meantime, CBEX has introduced a new scheme where previous investors are being asked to inject additional funds into the platform. According to reports, investors with account balances of $1,000 or less are being requested to add $100, while those with accounts exceeding this amount are required to add $200 to help restore their account balances. This move has sparked concerns, with critics questioning the legitimacy of the platform’s ongoing activities given its checkered history and the regulatory warnings that have been issued. New investors, however, are still able to register, trade, and withdraw profits without any restrictions, further complicating the situation and raising alarms about the platform's continued operations despite the lack of official regulatory approval and ongoing investigations.
In connection with the alleged fraud, the EFCC has declared several individuals wanted, including Elie Bitar, a foreign national believed to be connected to the fraudulent activities that have rocked the platform. The Nigerian Financial Intelligence Unit (NFIU) has also issued multiple advisories warning Nigerians against engaging with unregulated digital asset platforms that exhibit characteristics of Ponzi schemes. These platforms, such as CBEX, often promise unrealistic returns and have been under scrutiny for their involvement in fraudulent activities. The NFIU, alongside regulatory bodies, is urging Nigerians to be vigilant and verify the registration status of investment platforms before committing their funds to them. Furthermore, registration with the Corporate Affairs Commission or the EFCC’s Special Control Unit Against Money Laundering does not equate to SEC approval, and the SEC is urging the public to exercise caution when considering investments in such platforms.