Despite facing a N1.2 trillion digital trading scandal that reportedly affected over 600,000 Nigerians, the embattled Crypto Bridge Exchange (CBEX) has resumed operations. The platform recently introduced new withdrawal options in an attempt to regain investor trust.
Two active traders on CBEX confirmed on Wednesday that the company has quietly returned online. They said users can now register, trade, and withdraw profits, even as regulatory investigations continue.
Sources revealed that CBEX is undergoing an insurance verification process and a financial audit to determine the actual loss in the collapsed scheme. The audit, handled by a UK-based insurance firm, is expected to conclude by June 25, 2025.
They also disclosed that investors who haven’t accessed their funds for weeks may begin withdrawals after the audit ends. This update follows regulatory clampdowns, including the Securities and Exchange Commission (SEC) declaring CBEX illegal and the Economic and Financial Crimes Commission (EFCC) launching a full investigation.
CBEX began operations in 2024 after receiving registration from the Corporate Affairs Commission on September 25, and approval from the EFCC’s anti-money laundering unit on January 16, 2025. The platform promised 100% profit within 30 days through AI-driven trading.
However, it crashed on April 14, 2025. Over 600,000 Nigerians reportedly lost a combined N1.2 trillion.
The EFCC has declared eight individuals wanted for promoting the scheme. The suspects include Johnson Oteno, Israel Mbaluka, Joseph Michiro, Serah Michiro, Adefowora Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, and Seyi Oloyede. On Monday, Adefowora Abiodun, a top trader on the platform, surrendered to the EFCC for questioning.
The SEC and other regulatory bodies have advised Nigerians to avoid platforms that offer unrealistic returns.
Despite these warnings, CBEX continues to attract new users. Investigations on Wednesday showed that more Nigerians are signing up, drawn by the hope of quick returns.
One trader, who requested anonymity, confirmed that the platform has reactivated withdrawal options. New accounts can now withdraw profits, but older accounts remain locked due to the earlier data wipe.
“The withdrawal option is back,” the source said. “The AI lost a trade on April 14 and wiped funds from old accounts. Now, CBEX claims their system is insured and undergoing verification.”
The source explained that previous investors with $1,000 must inject $100 to restore their old balances. Those with over $1,000 must deposit $200. “Many people are already doing this and have resumed trading,” the trader added.
The trader noted that old users still cannot withdraw until the audit ends. “From June 25, users can withdraw up to 50% of their capital. For example, if someone invested $1,000 and already withdrew $200, they can withdraw $400 more in June. The remaining $400 will be accessible from August 25. But without completing verification, the funds won’t reflect,” the source warned.
