Ponzi Scheme CBEX Resumes Operations, Demands Deposits to ‘Recover’ Funds
Omoyeni Olabode
The controversial Crypto Bridge Exchange (CBEX), previously exposed as a Ponzi scheme that defrauded hundreds of thousands of Nigerians, has reportedly resumed operations nationwide. Investors were instructed to log back into their accounts, where balances appeared restored—but only conditionally .
According to victims, the platform now requires those who previously deposited more than $1,000 to pay a $200 “reactivation fee” to make their accounts eligible for withdrawals. Anyone with smaller investments is being asked to pay $100 .
The scheme initially collapsed in April, locking out users and igniting anger—including a violent attack on CBEX’s Ibadan office. Operators vanished, blaming the shutdown on hackers. The Economic and Financial Crimes Commission (EFCC) responded swiftly, arresting several suspects and tracking funds across multiple countries .
Despite mounting regulatory pressure and an ongoing investigation, CBEX is now reappearing with the same guaranteed-return pitch. Experts warn this could be another calculated trap, cleverly repackaged to lure back financially desperate investors. Authorities have urged Nigerians to remain vigilant and report any payment demands tied to the scheme.
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