Weeks after its abrupt shutdown left countless Nigerian investors in financial distress, the digital financial platform Crypto Bridge Exchange (CBEX), widely regarded as a fraudulent scheme, has resumed operations nationwide. The platform’s unexpected return has been met with a mix of cautious optimism and renewed suspicion, as operators now demand an activation fee from investors seeking to recover their lost funds.
Investors whose life savings were wiped out when CBEX froze operations in April are now being urged to log back into their accounts. “Someone told me to check my CBEX account this morning, claiming our balances had been restored,” an investor, who requested anonymity, told Peoples Gazette, providing a screenshot purporting to show the recovered funds.
However, the purported restoration comes with a significant caveat: a new condition requiring investors to pay a fee to reactivate their accounts before any withdrawals can be made.
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For investments exceeding $1,000, a $200 fee is mandated, while smaller investors face a $100 charge. This new demand has heightened concerns among those already victimised. “This seems like another trap—they’re asking for $200 to ‘continue trading’ before allowing withdrawals,” another investor lamented, highlighting the scepticism surrounding the platform’s intentions.
The sudden shutdown in April had triggered widespread outrage, culminating in the looting of CBEX’s Ibadan office. At the time, the platform, which had promised to double investors’ deposits within 40 days, blamed a “hacker attack” for the widespread losses, a claim that was met with disbelief by many. Administrators of the scheme’s Telegram group had also restricted access, preventing victims from voicing their grievances.
Meanwhile, the Economic and Financial Crimes Commission (EFCC) has been actively investigating the CBEX scheme, arresting several suspects and tracing stolen funds to multiple foreign countries. The agency has also declared numerous Nigerian collaborators wanted, adding two more names to its list last week.
Despite these ongoing efforts, the EFCC has conceded that a full recovery of all lost investments may not be achievable. This has left many victims with little hope for complete restitution. The new demand for activation fees by CBEX operators further complicates an already fraught situation for the defrauded investors.
