Despite ongoing investigations by regulatory agencies, Crypto Bridge Exchange (CBEX), the controversial trading platform accused of defrauding over 600,000 Nigerians of N1.2tn, has quietly resumed operations. According to reports from Punch Newspaper, two traders on the platform confirmed on Wednesday that CBEX is once again allowing new users to register, trade, and withdraw profits, even as investigations continue.
Sources indicated that the platform is undergoing an insurance verification process and an external audit of its financial records, set to determine the actual amount lost in the scheme that collapsed in April 2025. Investors who have been unable to access their funds for weeks are told that withdrawals will be available starting June 25, 2025, once the audit is completed.
This development comes just weeks after the Securities and Exchange Commission (SEC) declared CBEX illegal and the Economic and Financial Crimes Commission (EFCC) confirmed an investigation into the company’s operations.
CBEX, which began operations in 2024, claimed to offer investors 100% profit after 30 days of AI-powered trading. After obtaining registration approval from the Corporate Affairs Commission (CAC) and the EFCC’s Special Control Unit Against Money Laundering, the platform attracted a large number of Nigerian investors. However, it collapsed on April 14, 2025, with investors losing substantial amounts of money.
The EFCC has since declared eight individuals wanted for their roles in promoting the platform, including Johnson Oteno, Israel Mbaluka, and Joseph Michiro. On Monday, Adefowora Abiodun, a prominent leader and trader within CBEX, voluntarily surrendered to the EFCC for questioning.
The SEC and other regulatory agencies have condemned CBEX, warning Nigerians to be cautious when engaging with platforms promising unrealistic returns. Despite these warnings, new users continue to be lured by promises of quick profits, with the platform’s promoters insisting that the scheme was not a fraud but a temporary setback due to AI trading issues.
Fresh Findings: New investors can now register accounts, fund them, and withdraw profits without restrictions, while older accounts are still under audit. CBEX promoters maintain that the ongoing audit, which is being conducted by a UK-based insurance firm, will reconcile discrepancies in older accounts. They have also stated that previous investors will need to inject additional funds to restore their previous account balances.
According to one insider, investors with capital above $1,000 are required to contribute $200 to restore their account balances, while those with less than $1,000 must add $100. However, the funds from older accounts, which were allegedly wiped out during a failed AI trade, remain inaccessible until the audit is completed.
As the investigation into the platform continues, the EFCC has declared Elie Bitar, a foreign national, wanted for his alleged involvement in the cryptocurrency investment fraud linked to CBEX. The EFCC is urging anyone with information on his whereabouts to come forward.