Ponzi scheme CBEX resumes business nationwide, asks Nigerians to deposit $200 to recover lost investments
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.
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette
States
Independence: NBA urges Nigerians to expect better future
The NBA said that ordinary Nigerians should be deriving benefit from the subsidy removal rather than hardship.
Agriculture
FG tasks ECOWAS on leveraging financing strategies for agroecology
The federal government has urged stakeholders in the agriculture and finance sectors in the West Africa region to leverage financing strategies to enhance agroecology practices
Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”
States
Five bar attendants in court for allegedly cheating employer
Ms Okafor told the court that the defendants criminally converted N30 million to their personal use.
World
Indonesian president dismisses chief of staff after arrest in wiretapping case
Indonesian President Prabowo Subianto dismissed his chief of staff, Listyo Sigit Prabowo, on Wednesday.
Africa
South Africa: Ramaphosa says U.S. midterm election results usher in new era
South African President Cyril Ramaphosa said on Wednesday that the results of the United States midterm elections would usher in a new era in world relations.
States
Kano: Emir of Gaya suspends Kano village head for alleged misconduct
The Gaya Emirate Council in Kano has suspended Shagogo village head Abbas Ibrahim over allegations of gross misconduct.
States
Flooding: SSDC, CR-SEMA move to clear blocked drains in Calabar
The South-South Development Commission has begun clearing major water channels in the Calabar metropolis to address persistent flooding in parts of the city.
States
Ibadan Startup Festival targets growth, emerging market jobs
Organisers of the Ibadan Startup Festival announced plans to use the fourth edition of the annual event to drive startup growth, innovation and job creation in emerging markets.
