NaijaOnPoint Nigeria reports that the embattled cryptocurrency trading platform, Crypto Bridge Exchange (CBEX), has resumed operations, even as investigations continue into the alleged ₦1.2 trillion digital investment fraud that affected over 600,000 Nigerians.
Traders on the platform confirmed to The PUNCH on Wednesday that CBEX has quietly reactivated its services, allowing new users to register, trade, and withdraw, while previous investors remain unable to access their wiped accounts—pending the conclusion of an external audit by a UK-based insurance firm.
Platform Under Scrutiny, SEC and EFCC Issue Warnings
CBEX’s decision to reopen comes barely weeks after the Securities and Exchange Commission (SEC) declared it illegal, while the Economic and Financial Crimes Commission (EFCC) confirmed an active investigation into its activities.
The firm, which promised 100% returns within 30 days via AI-powered trading, collapsed on April 14, 2025. It had secured 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.
June 25 Set for Partial Withdrawal, Says Insider
According to sources, CBEX is undergoing an external audit to assess the actual amount lost, with June 25, 2025, earmarked for partial withdrawals—50% of trapped capital—for old 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. “But this is only after injecting $100 or $200 depending on your capital, as part of an insurance verification process.”
EFCC Declares Elie Bitar Wanted
Amid ongoing investigations, the EFCC on Wednesday declared Elie Bitar, a foreign national, wanted in connection with the CBEX fraud. Bitar was linked to fraudulent cryptocurrency transactions on the platform.
His last known address was listed as Eng. George Enemoh Crescent, Lekki Phase 1, Lagos. The commission called on the public to report any useful information regarding his whereabouts.
New Users Free to Trade and Withdraw
While older accounts remain locked, CBEX sources confirmed that new investors can register, fund, and withdraw profits without restriction. “Only old accounts are under audit. New users can trade and get referral bonuses,” one source said.
CBEX officials, through Telegram channels, claim that an AI malfunction caused by a sophisticated cyberattack was responsible for the April 14 collapse. “This wasn’t an individual attack. It was coordinated and premeditated,” said an admin identified as Laura.
She added that the UK government is working with Nigerian authorities on the matter, and that compensation is already being processed for verified users.
Critics Warn of Ponzi-Like Restructuring
Despite widespread condemnation from the SEC and EFCC, CBEX has introduced a new structure resembling a controversial compensation scheme—requiring old investors to “reinject” funds before their accounts are restored.
Promoters insist the funds are “insured” and that only ₦126 billion, not ₦1.2 trillion, was lost—a claim being reviewed by UK auditors.
Efforts to reach EFCC spokesperson Dele Oyewale for comments were unsuccessful as of press time. However, the commission has reaffirmed its commitment to holding those responsible accountable and warned Nigerians to avoid platforms offering unrealistic investment returns.