Facing allegations of a N1.2 trillion digital trading fraud that stranded over 600,000 Nigerians, Crypto Bridge Exchange (CBEX) has resumed operations and introduced new withdrawal options in an apparent attempt to restore investor confidence.
Sources close to the platform revealed on Wednesday that CBEX has resumed operations, allowing new users to sign up, conduct trades, and withdraw earnings, despite ongoing investigations by multiple regulatory agencies into its contentious activities.
CBEX is reportedly undergoing an insurance verification and external audit of its financial records to determine the extent of losses incurred when the platform collapsed in April 2025, with the audit expected to be completed by June 25.
This development comes after the Securities and Exchange Commission (SEC) declared CBEX’s operations illegal, and the Economic and Financial Crimes Commission (EFCC) confirmed a full-scale investigation into the platform’s operations.
CBEX drew significant attention in 2024 after launching a platform that purportedly utilized artificial intelligence for trading, guaranteeing investors a 100% return on investment within a 30-day period.
The company was officially registered with the Corporate Affairs Commission on September 25, 2024, and received additional documentation from the EFCC’s Special Control Unit Against Money Laundering on January 16, 2025.
On April 14, 2025, the scheme collapsed, causing financial devastation for thousands of Nigerians, prompting the EFCC to declare eight key promoters wanted, including Johnson Oteno, Israel Mbaluka, Joseph Michiro, Serah Michiro, Adefowora Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, and Seyi Oloyede.
Adefowora Abiodun, a top trader and alleged leader of the platform, voluntarily surrendered to the EFCC on Monday for questioning.
Meanwhile, the SEC continues to caution Nigerians about the risks of investing in platforms promising unrealistic returns, emphasizing the need for caution, especially with schemes disguised as digital trading platforms.
As CBEX attempts to re-emerge, many investors remain skeptical, awaiting the outcome of ongoing investigations and the promised June 25 audit results.
