CBEX Defies EFCC Probe, Resumes Operations, Promises Bonuses And Easy Withdrawal To New Investors
- Three weeks after its initial collapse, CBEX has reportedly resumed investment and trading operations
- Insider sources claim that new users are trading and withdrawing with ease, and mentioned date old users would be able to withdraw
- The EFCC recently commenced investigations into the CBEX investment platform and has declared eight suspects wanted
Legit.ng journalist Ruth Okwumbu-Imafidon has over a decade of experience in business reporting across digital and mainstream media.
Amid multiple ongoing investigations, the CBEX platform has reportedly resumed operations, allowing new registrations and deposits.
Reports claim that the new users can register, make deposits, trade, and withdraw profits, while old investors will have to wait outcome of investigations from the regulatory agencies before they can make withdrawals.
Source: Twitter
Sources on the CBEX platform say that one of the issues to be confirmed in the investigations and audits is the actual amount lost on the platform as of the time of its alleged collapse on April 16, 2025.
Traders lose over $1 million to CBEX
While reports have claimed several amounts lost to the platform, the organisers claimed the figures were inflated.
Some reports alleged that about N1.2 trillion belonging to over 600,000 Nigerians was trapped on the CBEX platform when withdrawals were suddenly restricted.
In an earlier Legit.ng report, a cybersecurity expert confirmed that about $822.85 million had been moved from the deposit wallets in one weekend.
Two traders on the CBEX platform told The PUNCH that an external audit of CBEX financial records and an insurance verification process were ongoing to ascertain the actual funds lost.
They claimed that the audit was being conducted by a UK-based insurance firm and would be completed before June 25, 2025.
Date old CBEX investors would be able to withdraw
According to the sources, they have been assured that old investors will be able to start withdrawing their funds from June 25, 2025, at which point the audit will be completed.
According to the reporters, old users on the platform include over 600,000 Nigerians, said to have invested in the scheme.
SEC takes action against CBEX promoters
Recall that the Securities and Exchange Commission (SEC) started its investigations into the scheme after announcing on its website that CBEX was never licensed or certified to receive investment from Nigerians.
The SEC has gone ahead to secure an arrest warrant for eight suspects alleged to have promoted CBEX - Johnson Oteno, Joseph Michiro, Serah Michiro, Israel Mbaluka, Adefowora Oluwanisola, Adefowora Olanipekun, Emmanuel Uko, and Seyi Oloyede.
The suspects allegedly orchestrated a scam to lure and defraud thousands of investors through the Crypto Bridge Exchange (CBEX) and ST Technologies International Limited.
According to the EFCC report, the scheme promised 100% returns on investments after converting them to USDT for trading.
The EFCC court affidavit argued the importance of granting the arrest warrants to place the suspects on a red-watch list, and to be tracked and prosecuted.
The PUNCH reports that Adefowora Abiodun has voluntarily turned himself in to the EFCC for interrogation.
SEC has reiterated its warnings for Nigerians to avoid unlicensed and unregulated investment platforms and Ponzi schemes, especially those that offer unrealistic returns.
Investors flock in again as CBEX resumes operations
According to the sources, new investors are defying all the warnings and have started registering and trading.
Source: UGC
They claimed that new accounts could trade and withdraw, but old accounts could not, as their funds were wiped out in a trade and could only be retrieved after the insurance firm had conducted its investigations. The sources claimed the promoters were keen to clear the CBEX name of all allegations of fraud or Ponzi.
They noted that new telegram groups have been created for information sharing with the new investors, so that they can trade and withdraw their profits with ease.
CBEX insists on verification for investors
Legit.ng earlier reported that CBEX directed users to verify their accounts with additional deposits before they could access their funds.
Investors were reported to have rushed to make the $100 and $200 deposits required to be able to access their accounts.
This was in response to a post on their several Telegram groups warning that failure to verify accounts would result in permanent loss of funds.
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Source: Legit.ng
