CBEX Opens Up On What Happened To Investors' Funds, Mentions Withdrawal Date
- As the public continues to weep over their trapped funds, CBEX has finally spoken up on the matter
- The company explained what happened to investors' funds and the steps it has taken to resolve the issues
- CBEX has provided a new withdrawal date where investors can access their funds after fulfilling specified requirements
Legit.ng journalist Ruth Okwumbu-Imafidon has over a decade of experience in business reporting across digital and mainstream media.
Social media got heated up on April 16, 2025, when CBEX users saw their wallet balance revert to $0.00 after almost a week of restricted withdrawals.
CBEX, a platform that claims to give investors 100% returns in 30 days, suddenly restricted withdrawals on April 9, 2025, with claims that it had encountered a security breach.
The platform then urged users to begin the account verification process to help the company confirm their details and grant them access to their deposits by April 17.
Source: Getty Images
It therefore came as a surprise to them when all users suddenly found their wallet balance had reverted to $0 on the eve of the withdrawal date.
CBEX explains what happened to investors' funds
Information from inside sources on the CBEX platform shows that the company is going all out to clear its name from the allegations of being a fraudulent Ponzi scheme and has now offered an explanation.
One of the sources told The PUNCH that while the new investors can deposit, trade, and withdraw, the old investors cannot process withdrawals as their funds have been allegedly wiped out.
The source said:
“The old account was wiped; you can’t take out funds from it yet. On the 14th of this month, the Artificial Intelligence on the platform traded 100%, lost its trade, and wiped people’s money out.”
This, according to the source, is the reason all account balances reverted to $0.00 by April 16, 2025.
Recall that a cybersecurity expert, Mr. Taiwo Owolabi, shared his investigations in a video showing that up to $822.85 million was moved from the CBEX deposit wallet by the organisers in one weekend.
An admin on one of the Telegram user groups disclosed that the incident on April 14 may be linked to hackers.
The admin, simply identified as Laura, sent a message to the group saying:
“There are some factors in the incident on April 14th that I cannot tell you in detail. I can only tell you that Al was attacked and the trading strategy was tampered with. This is why some users who did not turn on HOSTING were able to survive.
“And this attack was definitely not from an individual, because Al’s firewall cannot be easily breached. Including the Bybit hacker incident last month, it was definitely not something that an individual could do. This was an organized and premeditated action.”
The message further debunked claims that CBEX administrators transferred over $822 million assets, claiming that it was the work of rumour mongers who must have been paid by the hackers.
The message read:
“Some rumour mongers even claimed that CBEX administrators transferred more than $800m in assets. These are purely slanderous rumours. An exchange’s payment system can’t have only one common account. The payment system will randomly generate deposit addresses. These are all procedures of the exchange Including any wallet we use now will regularly update the deposit address.”
CBEX mentions new withdrawal date
The source noted that the withdrawal option is activated for new users, but old users have to wait for the insurance company to complete its investigation within 30 to 60 days.
He noted that the company has assured them that it was properly registered in the United Kingdom, and it is based on this that the UK government will be the one to conduct the audit, not Nigeria, Kenya or other countries where CBEX merely extended its operations to.
“But from June 25th, you can now withdraw up to 50% of your capital from the old account. For example, if you invested $1,000 and you could only withdraw $200 before, from the 25th, you can withdraw $400 from the remaining $800 capital, then from August 25th, you can withdraw the remaining $400 capital.”
CBEX insists on account verification
Legit.ng earlier reported that CBEX had urged investors to verify their accounts with $100 (for accounts under $1,000) and $200 (for accounts above $1,000) before they can access their wallet balances.
The source confirmed that with the balances wiped out by the AI trading, the burden is on the insurance company to refund users' money, but only those who carry out the verification would be refunded.
Source: Getty Images
His words:
“Now, previous investors who have $1,000 as their capital would have to inject $100, and the former account balance would be restored, while persons with over $1,000 would have to put in $200 to bring back the account balance.
"And we have started seeing people put in these funds to get back their money, and are using it to trade now, as I talk to you. But if you don’t do the verification, it won’t reflect in your account.”
The financial audit and verification are said to only be for old accounts, while new users can proceed without restrictions.
New investors flock in as CBEX resumes operations
In related news, CBEX is registering and onboarding new users on its platform, amid the inconclusive investigations of the Economic and Financial Crimes Commission (EFCC).
The new users have been promised referral bonuses and easy withdrawals, as captured in a Legit.ng report.
These users have ignored all the warnings from regulators and have started trading and withdrawing from the platform, hopeful that they can succeed where others failed.
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Proofreading by Nkem Ikeke, copy editor at Legit.ng.
Source: Legit.ng
