CBEX Resurfaces, Demands $200 from Nigerians to Recover Frozen Funds Amid Ongoing EFCC Investigation
Months after its sudden shutdown left thousands of Nigerian investors in limbo, controversial digital investment platform Crypto Bridge Exchange (CBEX) has resurfaced—demanding new payments from users before they can access their locked funds.
CBEX, which collapsed in April after promising investors a 100% return on investment within 40 days, has reportedly begun displaying account balances again. However, users say they are unable to withdraw funds unless they make additional deposits. According to the platform, investors must pay $200 to withdraw funds above $1,000, and $100 for funds below $1,000. This new condition has sparked widespread skepticism and anger among investors; many of whom are still reeling from the losses they suffered when CBEX abruptly ceased operations earlier this year.
“I can see my balance, but I still can’t withdraw anything,” one victim told BBC Pidgin. “The account is active, the money is there, but I can’t get it out.”
Despite these developments, CBEX has asked users to log in to their accounts to begin the recovery process. Many have questioned the credibility of this directive, especially given the platform’s checkered history and ongoing criminal investigation.
The Economic and Financial Crimes Commission (EFCC), which began investigating CBEX following its shutdown, has confirmed that several individuals linked to the scheme have already been arrested. EFCC Chairman Ola Olukoyede disclosed that CBEX is among 58 alleged pyramid schemes currently under investigation by the agency.
“We have made significant progress on the CBEX case,” Olukoyede said in a recent interview. “But Nigerians must be cautious. Any business that promises to double your money in three months is preying on your greed.”
The EFCC says CBEX is suspected of defrauding investors of more than ₦1.3 trillion (approximately $809,000). After its collapse, chaos erupted at its Ibadan office, where reports of looting emerged. CBEX later blamed “hackers” for the platform’s failure, alleging that its security systems had been compromised.
In the aftermath, the platform’s official Telegram group, where users had voiced complaints, was abruptly locked, cutting off a vital communication channel for thousands of disgruntled investors. The EFCC has since traced some of the missing funds to as many as four countries and declared several CBEX collaborators wanted. Two additional suspects were added to the wanted list last week, bringing renewed urgency to the investigation. While some funds have reportedly been recovered, the anti-graft agency has cautioned that full reimbursement of all victims may not be possible.
With CBEX’s reappearance and the introduction of new withdrawal conditions, investors are now left with a difficult choice: pay the additional fee in hopes of recovering their funds or cut their losses in what many now consider a classic case of financial fraud.
Regulators are warning Nigerians to remain vigilant and avoid investment platforms that offer returns that seem too good to be true.
“We urge citizens to verify the legitimacy of any investment scheme and report suspicious activities immediately,” the EFCC stated.
As investigations continue, the CBEX saga serves as a stark reminder of the dangers of unregulated online investments and the importance of financial literacy in the digital age.
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