The fraudulent digital investment platform that operated a Ponzi scheme that collapsed in April 2025 and caused big financial losses for over 600,000 Nigerians, CryptoBridge eXchange (CBEX), is back again to milk Nigerians with another sweet strategy.
The CBEX's new strategies have gotten desperate Nigerians to paying again despite the fact that their funds are still unaccessible for withdrawals. It's now two months that CBEX has hait withdrawals for thousands of Nigerians.
CBEX is nothing but a ponzi scheme. The fake investment platform claimed to be a crypto exchange, but it lured investors with promises of 100% returns within 30 days through AI-powered cryptocurrency trading. Meanwhile, the platform was unregistered and illegal, as confirmed by the Securities and Exchange Commission (SEC).
Despite regulatory combats, the people behind the platform still have the gut to come back with another strategies. In fact, the platform is now operating under various domain names which makes very difficult for regulators and government to trace or track them.
Meanwhile, I want you to know that CBEX never shutdown. The platform just laid low for a while. Now, the platform is asking traders to pay a $100 “verification fee” so that they can pass KYC checklist, and be able to access and withdraw their two months unaccessible funds on the platform.
This is indeed another method to extort money from Nigerians. It's a shame that many have been falling victim of this scam again. CBEX promises that once users pay the $100 KYC fee, they'll be given permission to “sub-accounts” which will let them to continue their day-to-day trading activities as they were doing it before.
This scamming method is different from the method CBEX used in the previous ones. Before, the platform asked traders to pay $100 to get balances below $1,000 and $200 for balances above $1,000. Now, the platform is now asking for $100 verification fee for users to withdraw their money.
Do you think if CBEX will allow users to withdraw their funds after paying the $100 verification fee? Drop your opinions in the comments section. Even though, they're allowed to sub-accounts and are able to continue their everyday trading, I don't think they're will be able to withdraw the funds because many government agancies including Security and Exchanges Commission (SEC) has made several attempts to stop the platform's activities in Nigeria.
In fact, the Economic and Financial Crimes Commission (EFCC) made multiple public arrest warrants people believed they're linked to the Ponzi scheme. Despite all these efforts, the scheme still continues in Nigeria. Like I have said earlier, the platform has been using various unrecognized domain names to operate. This make it very complicated for government officials track down.
What CBEX Promises The Second Time
CBEX has asked traders to pay $100 verification (KYC) fees so that they'll be able to withdraw their frozen balances. The platform said once users pay the verification fee, they'll be given access to sub-accounts where they can continue their daily trading as they're asked on the platform.
The platform says pending withdrawals will be processed in batches. However, traders must still complete their daily trading tasks as they're asked on the platform. The platform further says that it will clear 50% of outstanding user withdrawals by June 25, with the other half finalized by August 25.
CBEX also says that it plans to distribute 30% of trader’ trading profits through a revenue-sharing system on October 25, all in this 2025 that we are in. Hmm! With that being said, some desperate Nigerians that want to get their invested money back have started paying the $100 verification fee.
However, once the payment is made, they gain access to the sub-accounts displaying their frozen money as promised, and the money begins to grow again once they perform the daily tasks they're asked to complete. The tasks includes trading using CBEX’s daily signals, and referring new traders.
Meanwhile, authorities are aware of the ponzi scheme comeback, and they're on high alert regarding it. On June 11, the SEC released another warning, urging Nigerians to avoid investing in CBEX.
CBEX remains Banned in Nigeria📣 pic.twitter.com/H3xeE2NYOh
— SEC Nigeria (@SECNigeria) June 11, 2025
In addition to that, the EFCC has pointed out six (6) people in Nigeria and four (4) people in Kenyans linked to CBEX, and wanted declarations have issued for them.
Some news outlets have also reported that the anti-corruption agency got back some of the lured funds on May 26. Still, many Nigerians, who initially pinned their hopes on the EFCC’s efforts but now feel abandoned, are taking action on their own.
What do you think about this CBEX's comeback strategies? Are they back to pay investors money back as promised or they're here again to extort more money from them? Don't hesitate to drop your opinions in the comments section.
