CBEX Resumes Operation In Nigeria Amid Ongoing Investigation

Controversial Cryptocurrency trading platform, Crypto Bridge Exchange (CBEX), has resumed its operations despite ongoing investigations into the alleged ₦1.2 trillion digital investment fraud that impacted over 600,000 Nigerians.

Traders reported to The PUNCH on Wednesday that CBEX has discreetly reactivated its services, enabling new users to register, trade, and withdraw funds, while previous investors are still unable to access their frozen accounts, pending the completion of an external audit by a UK-based insurance firm.

CBEX’s choice to reopen comes shortly after the Securities and Exchange Commission (SEC) deemed it illegal, and the Economic and Financial Crimes Commission (EFCC) confirmed an ongoing investigation into its operations. The company, which had promised 100% returns within 30 days through AI-driven trading, collapsed on April 14, 2025.

It had obtained registration with Nigeria’s Corporate Affairs Commission on September 25, 2024, and was listed under the EFCC’s Special Control Unit Against Money Laundering as of January 16, 2025.

Sources indicate that CBEX is currently undergoing an external audit to determine the total amount lost, with June 25, 2025, set for partial withdrawals—allowing 50% of trapped capital for previous users.

“For those who invested $1,000, they would be able to withdraw $400 from June 25, and the remaining $400 from August 25,” a trader told The PUNCH in a recent interview.

“But this is only after injecting $100 or $200 depending on your capital, as part of an insurance verification process.”

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In the midst of ongoing investigations, the EFCC announced on Wednesday that Elie Bitar, a foreign national, is wanted in relation to the CBEX fraud. Bitar has been associated with fraudulent cryptocurrency activities on the platform.

His most recent known address is Eng. George Enemoh Crescent, Lekki Phase 1, Lagos. The commission urged the public to provide any relevant information about his location.

Although older accounts are still inaccessible, sources from CBEX have verified that new investors are able to register, deposit funds, and withdraw profits without any limitations.

“Only old accounts are under audit. New users can trade and get referral bonuses,” one source said.

CBEX officials have stated via Telegram channels that a sophisticated cyberattack led to an AI malfunction, which was the cause of the collapse on April 14.

An administrator named Laura remarked, ‘This was not a singular attack; it was both coordinated and premeditated.’ She further noted that the UK government is collaborating with Nigerian authorities on this issue, and compensation for verified users is currently being processed.

In spite of significant criticism from the SEC and EFCC, CBEX has implemented a new framework that resembles a contentious compensation scheme, which requires previous investors to ‘reinject’ funds prior to the restoration of their accounts.

Proponents of this scheme assert that the funds are ‘insured’ and claim that only ₦126 billion was lost, as opposed to ₦1.2 trillion, a statement that is under review by auditors in the UK.

Attempts to contact EFCC spokesperson Dele Oyewale for comments were unsuccessful at the time of publication.

Nevertheless, the commission has reiterated its dedication to ensuring accountability for those responsible and has cautioned Nigerians against engaging with platforms that promise unrealistic investment returns.