Despite ongoing investigations into a massive cryptocurrency fraud, the embattled trading platform Crypto Bridge Exchange (CBEX) has restarted operations, offering new withdrawal options for new users and outlining a staggered repayment plan for old investors post-audit
[dropcap]C[/dropcap]rypto Bridge Exchange (CBEX), the online trading platform at the center of a massive alleged cryptocurrency fraud impacting over 600,000 Nigerians, has reportedly resumed operations.
Also read: EFCC secures court order to arrest CBEX promoters for billion-dollar fraud
This development comes despite ongoing investigations into claims of a N1.3 trillion digital trading scam.
Sources within CBEX indicate that the platform is now allowing new users to register, engage in trading activities, and withdraw profits without restrictions.
This is occurring while an insurance verification process and an external audit of CBEX’s financial records are underway to ascertain the actual amount of funds lost by investors.
According to these sources, old investors are expected to gain access to withdrawal options starting June 25, 2025, contingent upon the completion of the ongoing audit.
The platform’s representatives claim that the audit, anticipated to take between 30 to 60 days, is being conducted by the United Kingdom government, as the firm is registered there.
CBEX promoters are vehemently refuting allegations of fraud, asserting that the invested funds remain largely intact.
They attribute the significant losses to an Artificial Intelligence (AI) trading incident that reportedly wiped out accounts on April 14th.
The platform claims to be insured against such incidents, and the ongoing audit is purportedly aimed at reconciling discrepancies within the old accounts.
People can now withdraw from the CBEX platform. The withdrawal option has been activated… new accounts can now start investing and get their money,” a CBEX source stated, outlining the platform’s renewed activity.
The proposed repayment plan for old investors involves an initial withdrawal of up to 50% of their capital from the remaining balance starting June 25th, with the remaining capital potentially accessible by August 25th, provided investors undergo a verification process.
Interestingly, new investors are being incentivized to join the platform through a referral program that offers immediately withdrawable bonuses. CBEX sources claim that these new accounts are not subject to the current audit affecting older accounts.
The platform’s representatives state their intent is to demonstrate to Nigerians that CBEX is not a scam, attributing the previous losses solely to the AI trading malfunction.
They have also reportedly established a new communication channel for users and are providing manual trading signals multiple times daily as a replacement for the previously automated AI trading system.
It remains unclear why the Nigerian government is not directly conducting the audit, with CBEX sources citing the company’s registration in the United Kingdom, where it also has operations in Kenya, South Africa, and Egypt.
Meanwhile, both the Securities and Exchange Commission (SEC) and the Economic and Financial Crimes Commission (EFCC) in Nigeria have previously condemned CBEX’s operations and warned the public about the unrealistic returns it promised.
Also read: SEC Warns Public: CBEX not registered to operate in Nigeria, declares investment scheme illegal
The EFCC has also declared several individuals, including Elie Bitar, wanted in connection with the alleged fraud.
Quadri Olaitan is a journalist and contributor to Freelanews.com, covering news, public affairs, and human-interest stories.
