The Ponzi scheme, Crypto Bridge Exchange trading platform(CBEX) Despite the claimed N1.2 trillion digital trading scam that allegedly impacted over 600,000 Nigerians, has allegedly resumed operations and announced new withdrawal alternatives in an effort to win back investor trust.
On Wednesday, two CBEX platform traders told news men that, in spite of current regulatory agency investigations, the online trading company had discreetly reopened, permitting new customers to sign up, trade, and withdraw winnings.
The sources claim that an external assessment of the business’s financial records and an insurance verification procedure are presently in progress to determine the precise amount lost in the scam, which failed in April.
Sources further stated that current investors, many of whom have been unable to access their money for weeks, will be able to do so beginning on June 25, 2025, when a UK-based insurance company is anticipated to complete the audit.
This development comes just a few weeks after the Economic and Financial Crimes Commission acknowledged an ongoing inquiry into the firm’s operations and the Securities and Exchange Commission ruled that the platform was unlawful.
After 30 days of alleged AI trading, investors were promised a 100% profit by digital investment platform CBEX. After being approved for registration by the EFCC’s Special Control Unit Against Money Laundering on January 16, 2025, and the Corporate Affairs Commission on September 25, 2024, the trading platform began operations in 2024.
Recall that one of the officials trader Adefowora Abiodun voluntarily turned himself in to the anti-graft agency on Monday for questioning. The SEC and other regulatory bodies denounced the activities of the alleged Ponzi scheme and cautioned Nigerians to be extremely cautious and avoid investment platforms that promise exaggerated returns under the pretence of digital trading.
More recent findings on Wednesday, however, showed that despite regulatory warnings, more Nigerians are still being enticed by promises of rapid profits, with new users swarming to the platform in the hopes of profiting from its reopened operations.
While withdrawal options on the CBEX platform had been reactivated, according to one of the sources who spoke to one of our correspondents in confidence because they were not authorised to discuss the issue, money from older accounts that had allegedly been wiped was still unavailable for withdrawal at this time.
The trader pointed out that the site is working to dispel any claims of fraud or any connection to a Ponzi scheme.
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