CBEX was one of those cryptocurrency platforms that seemed too good to be true—and it indeed was. The company, which called itself Crypto Bridge Exchange, made a big splash in Nigeria in 2024 and 2025 by promising investors that they could double their money in just over a month.
The whole scheme was designed to look legitimate. They had agents who were encouraged to open offices in Lagos state and Ibadan, Nigeria. They held seminars with various victims and claimed that the incredible returns came from some kind of AI trading system.
Names, Faces Behind CBEX Fraud.
EFCC should start from here👀 pic.twitter.com/YEi2bOMFPI
— VDM (@vdmempire) April 20, 2025The pitch was simple: “give us your money, and our algorithms will trade crypto and give you 100% returns in 30-40 days.” They even had a referral program that paid people to bring in more investors.
Thousands of Nigerians fell for it. People invested their savings, retirement funds, and borrowed money to get in on what they thought was a trusted investment. Early investors got paid daily, which encouraged more people want to join in.
Then in April 2025, everything fell apart. Suddenly, nobody could withdraw their money. Investor accounts were emptied overnight. People who had put in millions of naira found their balances at zero. Angry crowds showed up at CBEX offices demanding answers, but the company was done.
When the dust settled, investigators found that over 1.3 trillion naira – that’s roughly $809,000 – had vanished. CBEX tried to blame hackers, but it was pretty clear this was just a classic Ponzi scheme. They were using new investors’ money to pay earlier ones until they couldn’t keep it going anymore.
The Nigerian Securities and Exchange Commission came out and said CBEX was never licensed to operate in the country; they’d been running an illegal investment scheme the whole time.
The Nigeria Economic and Financial Crimes Commission arrested some people involved, but most of the money had already been moved overseas through what they regarded as untraceable transactions.
It was a devastating blow to thousands of Nigerian families who lost their life savings to what looked like a legitimate investment opportunity but was really just an elaborate scam.
CBEX Is Trying to Return Again
According to information obtained from various sources, CBEX has started showing signs of life again after being down for a while. When you log into the new website now, you can see your account balance and everything looks normal on the surface. The issue is you still can’t withdraw a single penny.
They’re telling users they need to make fresh deposits before they can access their own money. If your account shows over $1,000, they want another $200 from you. If you have less than that, they are asking for $100.
The platform claims that starting from June 10, every account that experienced loss will be restored. They say this is their way of gaining trust back from users. However, to receive this supposed compensation, users must first deposit additional funds into their accounts.
The deposit requirements are straightforward but suspicious. If your account balance is equal to or less than $1,000, you need to deposit $100. If your balance is greater than $1,000, you’re required to deposit $200. The platform instructs users to make these deposits through their normal system, though the money still goes directly to them.
After making the deposit, users are told to save screenshots of their transactions for withdrawal and verification purposes. This new requirement has raised red flags among many who lost money in the original scheme.
How Users and Nigerians Are Reacting to the CBEX News
Nigerian users have responded to CBEX’s comeback with a mixture of anger, disbelief, and warnings to others. The reactions on social media show that many people are not buying into the platform’s promises.
Ziyechman expressed frustration on X, saying that after scamming Nigerians dry, CBEX has the audacity to come back asking for $200 to recover what they stole. He noted that some gullible people will still pay that $200, highlighting the ongoing vulnerability of some investors.
After scamming Nigerians dry, CBEX has the audacity to come back asking for $200 to “recover” what they stole.
Funny thing is some gullible people will still pay that $200
— 𝐕𝐀𝐑 (@Ziyechman) June 10, 2025Real Shnida tweeted a warning to fellow Nigerians, pointing out that people are currently falling prey to online scams and parting with N100,000 to N200,000 for fake account verification promises. She mentioned that despite Telegram warnings about being cautious with CBEX, people still get caught in these schemes.
However, not all reactions were negative. DannexNations tweeted that CBEX had refunded his initial balance, suggesting that at least some users may have seen their account balances restored as the platform claimed.
The mixed reactions show that while many Nigerians are skeptical of CBEX’s return, some are still hopeful about recovering their lost funds. This division in opinion demonstrates how desperate some victims are to get their money back, even if it means taking additional risks.
Read Also: How to Become a Millionaire During the 2024-2025 Crypto Bull Run
Regulators Sound Alarm on CBEX, a Supposed Crypto Exchange in Nigeria
The Nigerian Securities and Exchange Commission has made it clear that CBEX isn’t properly registered with them, and they’re currently investigating the platform for fraud. Before you put your money into any investment platform, make sure to check if they’re actually registered and legitimate.
The Economic and Financial Crimes Commission is also warning Nigerians to stay away from any investment schemes that promise you’ll get rich quick or earn massive returns in a short time.
These kinds of promises are usually too good to be true, and the people behind them are typically just looking to take advantage of investors. The business models behind these schemes rarely work out in the long run, and regular people end up losing their hard-earned money.
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