In a shocking turn of events that has left over 600,000 Nigerians reeling, the controversial Crypto Bridge Exchange (CBEX), previously accused of masterminding a colossal ₦1.2 trillion fraud, has resumed operations — and is now requesting more money from its defrauded investors in the name of recovery. The move has sparked widespread disbelief, anger, and renewed warnings from regulatory authorities as the embattled platform attempts to re-enter the financial landscape, seemingly unfazed by ongoing criminal investigations.

CBEX, a digital trading and investment platform that once lured unsuspecting Nigerians with the tantalizing promise of 100% returns in just 30 days, crumbled in April 2025 under the weight of what authorities now suspect to be one of the largest Ponzi schemes in Nigerian history. Its promoters attributed the crash to market volatility, but the nation’s Securities and Exchange Commission (SEC) and the Economic and Financial Crimes Commission (EFCC) launched swift investigations, uncovering a web of deceit, unrealistic projections, and false claims of artificial intelligence-driven trading.

Despite the gravity of the scandal and mounting evidence against its operators, CBEX has not only resumed its digital operations but has introduced a highly controversial "restoration plan." Under this plan, existing investors are being asked to pay more money to supposedly "unlock" and "reactivate" their accounts. Specifically, investors who initially deposited $1,000 are now being instructed to add $100 to their accounts, while those with higher investments are told to contribute an additional $200. These new funds, CBEX claims, will aid in balancing accounts, allowing withdrawals to begin from June 25, 2025.

This move has infuriated the public, particularly victims who have already lost life savings, borrowed funds, and retirement benefits to the platform. For many, the so-called recovery effort feels like a second wave of exploitation, cleverly disguised in corporate language and digital polish. Even more concerning is the report that new investors can now register and trade freely, with no withdrawal restrictions — a red flag that financial experts warn bears the hallmarks of a relaunch of the same fraudulent model.

Adding fuel to the fire, several high-ranking individuals affiliated with CBEX remain at large, including foreign national Elie Bitar, who has been declared wanted by the EFCC. The Nigerian Financial Intelligence Unit (NFIU) has doubled down on its warnings, urging Nigerians to stay away from unregulated digital investment schemes that display the classic features of Ponzi operations: unrealistic profit promises, vague business models, and constant pressure to reinvest or bring in more capital.

The SEC has also reiterated its position, reminding citizens that mere registration with the Corporate Affairs Commission (CAC) or the EFCC’s Special Control Unit Against Money Laundering does not constitute approval or licensing to operate as a securities or investment platform. The regulatory body urges Nigerians to conduct thorough due diligence before committing funds to any investment scheme, especially those operating without SEC approval or transparency.

CBEX’s latest maneuver — requesting more money from its victims under the guise of restoration — has raised urgent ethical and legal questions. Critics argue that such a move not only undermines investor confidence but also directly challenges the authority of Nigeria’s financial regulators. They point to the fact that CBEX has yet to provide credible proof of the alleged audit being conducted by a UK-based insurance firm, which it claims will verify the extent of the losses and determine the payout structure. Without transparency, oversight, or accountability, the move is widely being seen as a continuation of the scam rather than an honest attempt to make amends.

For those who fell prey to CBEX's initial promises, the emotional toll has been devastating. Social media is awash with heartbreaking testimonies — students who lost tuition money, market traders who emptied savings accounts, and pensioners whose hopes of financial security in old age were shattered. Many say they were convinced to join by flashy advertisements, smooth-talking influencers, and referral bonuses that made the platform appear legitimate. That the same company is now boldly resurfacing to solicit more funds from the same people has added insult to injury.

Legal experts suggest that if allowed to operate unchecked, CBEX's resurgence could set a dangerous precedent for other fraudulent platforms. It may embolden perpetrators who see that consequences can be dodged and scams can be rebranded. This calls for immediate and decisive action from the Nigerian government and its enforcement agencies. Beyond arresting those involved, there must be systemic reforms to digital asset regulation, including stricter licensing, real-time monitoring, and a centralized public registry of approved platforms.

As the controversy deepens, some have called for a total shutdown of CBEX's servers and a seizure of any remaining digital assets to prevent further damage. Others believe a class-action lawsuit might be the only way for victims to recover even a fraction of their losses. Meanwhile, the EFCC continues its investigation, reportedly tracing funds to offshore accounts and shell companies. However, the path to justice — and restitution — remains long and uncertain.

With millions of naira vanishing in the blink of an eye and more potentially at risk, Nigerians are once again reminded of the perils of financial shortcuts and the urgent need for greater digital financial literacy. The CBEX scandal is a glaring example of how technology, when combined with greed and poor regulation, can wreak havoc on the lives of everyday citizens.

As June 25 approaches — the date CBEX has promised to begin processing withdrawals — the nation watches with cautious anticipation. Will the platform make good on its word, or will it collapse once again, leaving deeper scars? Whatever the outcome, the CBEX saga is far from over. It is a chilling reminder that in the world of digital finance, trust is easy to lose, and for many, nearly impossible to regain.