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CBEX Quietly Restarts Operations Amid EFCC Investigation

Published by admin on May 1st, 2025.

CBEX Quietly Restarts Operations Amid EFCC Investigation

The Crypto Bridge Exchange (CBEX), a digital trading platform previously accused of defrauding more than 600,000 Nigerians of approximately N1.2 trillion, has discreetly resumed activities despite ongoing investigations.

Two CBEX users confirmed the platform’s reactivation on Wednesday, noting that it has begun allowing registrations, trading, and limited withdrawals. This move appears to be part of an effort to regain public trust, even as probes by the Economic and Financial Crimes Commission (EFCC) and other regulatory bodies continue.

Sources revealed that an audit of CBEX’s financial records is underway, alongside insurance verification, to determine the full extent of the financial losses stemming from its collapse in April 2025. According to them, the company is coordinating with a UK-based insurance firm to complete the audit, expected by June 25, 2025. At that point, affected users may begin withdrawing funds.

A source explained that the old trading accounts were wiped out after the platform’s AI system lost all traded funds on April 14. Currently, the system has been restructured: investors with previous capital under $1,000 must deposit $100, while those with more than $1,000 are required to inject $200 to have their former balances restored. Many users have already begun doing this to regain access and resume trading.

However, these reinstated accounts remain under audit, restricting withdrawals until June. From June 25, users will be able to access 50% of their recovered capital, with the remaining balance becoming available from August 25—provided identity and account verification processes are completed.

Meanwhile, new investors are reportedly able to create accounts, fund them, trade, and withdraw without restrictions, as their accounts are not part of the financial review. The platform is also offering referral bonuses that are immediately withdrawable.

The platform’s promoters deny accusations of fraud, asserting that the funds are secure and the audit merely aims to address inconsistencies in older accounts. They argue that the total amount lost has been exaggerated, claiming that losses are closer to N126 billion, not the widely reported N1.2 trillion.

Additionally, they have shifted from automated AI trading to manual trading. Users now receive daily trading signals and codes, which they must enter themselves—offering more control and oversight than before.

It is worth recalling that the Securities and Exchange Commission (SEC) has previously declared CBEX illegal, and the EFCC is actively investigating the platform. After CBEX’s collapse on April 14—following its promise of 100% returns in 30 days—eight individuals involved in promoting the scheme were declared wanted.

One of the platform’s key figures, Adefowora Abiodun, voluntarily surrendered to authorities earlier this week for questioning.