Despite a Securities and Exchange Commission ban and an ongoing probe by the Economic and Financial Crimes Commission (EFCC) over an alleged N1.2 trillion fraud, the controversial digital investment platform, Crypto Bridge Exchange (CBEX), has quietly resumed operations.
The platform, which reportedly defrauded over 600,000 Nigerian investors, has reactivated trading and withdrawal options for new users.
According to two traders who spoke with newsmen on Wednesday, CBEX is now open for fresh registrations and active trading, even as authorities continue their investigation.
One of the traders, who preferred not to be named, confirmed that while new accounts are able to trade and make withdrawals, older accounts—impacted by the April 14 crash—remain under audit. “People can now withdraw from the CBEX platform.”
“The withdrawal option has been activated, but the old accounts were wiped when the AI lost 100 per cent of the trade. Right now, the promoters claim the platform is insured, and there’s an ongoing verification of funds,” the source stated.
According to the source, investors with previous capital holdings can regain their balances by injecting fresh funds. “If you had $1,000 before, you’d need to invest $100 to recover it. Those with over $1,000 would need $200. From June 25, investors can withdraw up to 50 per cent of their capital. The rest becomes accessible by August 25. But without verification, it won’t reflect,” the source explained.
CBEX, which promised investors 100 per cent return within 30 days via AI-driven trading, started operations after receiving CAC registration on September 25, 2024, and EFCC’s SCUML registration on January 16, 2025.
However, the platform collapsed on April 14, 2025, triggering widespread outrage and losses amounting to N1.2 trillion. The EFCC has since declared eight individuals wanted in connection with the scheme, including Johnson Oteno, Israel Mbaluka, Joseph Michiro, Serah Michiro, Adefowora Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, and Seyi Oloyede. On Monday, one of the promoters, Adefowora Abiodun, turned himself in for interrogation.
The EFCC also announced on Wednesday that it had declared a foreign national, Elie Bitar, wanted for his alleged role in the investment fraud.
“The public is hereby notified that ELIE BITAR… is wanted by the EFCC for fraud allegedly perpetrated on an online trading platform called Crypto Bridge Exchange,” the agency stated, adding that Bitar’s last known address is Eng. George Enemoh Crescent, Lekki Phase 1, Lagos.
Despite these developments, interest in the platform appears to be growing again. A second trader told newsmen, “Fresh investors can now register, fund, and withdraw their profits without restrictions because their accounts are not under audit. It’s only the old accounts being reviewed.”
The source added that the company is trying to clear its name and reduce fears. “They’re claiming only N126bn was lost, not N1.2tn as the government alleges. The audit is to verify that claim.”
Inside a newly created Telegram group for users, an administrator identified as Laura attributed the platform’s April crash to a cyberattack.
“The AI was attacked, and its trading strategy tampered with. It was a coordinated, premeditated action—not an individual breach.”
“Some users who did not activate HOSTING were unaffected. This wasn’t just a technical failure; it mirrors the Bybit hacker incident last month,” she wrote
Laura insisted the platform’s insurance company is already processing claims, and some users have begun receiving compensation.
“You must accept the insurance firm’s claims process to qualify. The UK government is investigating, and results will determine the next step,” she explained.
She also rejected accusations of asset diversion. “Some rumour mongers claimed $800 million was transferred by CBEX admins. That’s false. Exchange payment systems use multiple wallet addresses. These accusations are slander,” she claimed.
Meanwhile, Nigerian authorities are not letting up. The Nigerian Financial Intelligence Unit (NFIU), in an advisory on Wednesday, warned the public against investing in unregulated digital asset schemes, citing CBEX and several others as high-risk platforms.
Among those flagged are eWealth Connect, WWCoin (also known as TOFRO), Delux, and ADK. The NFIU particularly warned against ADK’s deceptive claims. “ADK operates with a multi-level agent system and promises unrealistic 97 per cent win rates while profiting from user losses and withdrawal fees. It’s a high-risk Ponzi-like platform,” the advisory warned.
Despite official cautions, many Nigerians are still being lured by the promises of quick profits, drawn to CBEX’s resumed trading features and referral bonuses.
Efforts to reach EFCC spokesman Dele Oyewale for comments on the latest developments were unsuccessful as calls went unanswered and messages unreplied.
However, a source familiar with the investigation revealed: “The EFCC contacted CBEX officials and verified that the ST Fund company tied to the platform has started compensating affected investors. If the EFCC wasn’t sure, it wouldn’t make such claims to the public.”
