Ponzi scheme CBEX resumes business nationwide, asks Nigerians to deposit $200 to recover lost investments

One of the victims said, “The $200 is for those with investments above $1,000. All those below are asked to pay $100.’’

Ambali Abdulkabeer • June 10, 2025

CBEX logo and Victims

A digital financial platform, Crypto Bridge Exchange, otherwise called CBEX, which is a Ponzi scheme, has resumed business across the country weeks after it suddenly halted operation and made away with hundreds of thousands of dollars belonging to unsuspecting Nigerians investors.

Investors said they were asked to return to the scheme’s platform to claim their lost investments.

“Someone asked me to log into CBEX account this morning that they have returned our balance,” one of the investors told the Peoples Gazette on Tuesday, sharing a screenshot of the returned investment.

According to them, operators of the Ponzi scheme also requested investors to pay $200 to make their individual accounts active for withdrawals.

“But I think it is a way of luring people into it again because we were asked to pay $200 to continue trading with the account before we can apply for withdrawal,” another investor told the Gazette. “So, the $200 is for those with investments above $1,000. All those below are asked to pay $100.”

In April, scores of Nigerians lost their life savings to the Ponzi scheme after it abruptly stopped operation making it impossible for investors to access their accounts.

The development caused widespread panic across. leading to massive looting at the Ibadan office of the scheme. The Ponzi scheme, cloaked as a digital trading investment platform, claimed to double the deposit of investors within 40 days.

The Telegram group linked to the scheme was locked to prevent users from lamenting their losses, but CBEX operators blamed the loss on hackers, alleging their security systems were breached.

The Economic and Financial Crimes Commission announced arresting suspects in connection with the scheme, noting that funds were traced to at least three to four countries.

In the wake of the event, the EFCC declared some of the scheme’s Nigerian collaborators wanted and another two persons were declared wanted last week.

The commission, however, said that it would not be able to return the investments of all the victims affected.

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