Nigerians React As CBEX Resumes Operation, Shares New Update on Account Balance

• Some CBEX investors have taken to social media to celebrate a return of trading volumes on their accounts
• They claim that their accounts, which were initially zero, now have the initial balance displayed, but no withdrawals yet
• EFCC has consistently assured Nigerians of fund recovery, while SEC warns Nigerians against investing in unregistered platforms

Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

Investors of the collapsed digital Ponzi scheme Crypto Bridge Exchange (CBEX) are celebrating as trade volumes have been reportedly restored from a previous zero balance.

However, users are reportedly expected to pay a verification fee to have access and the platform is promising even quicker 100% return.

The development shared by various users on social media is coming a few days after Ola Olukoyede, the chairman of the Economic and Financial Crimes Commission (EFCC), assured of fund recovery, Tribune reports.

For weeks, CBEX investors have been in distress over their inability to access their accounts and also zero balances since April 9.

CBEX, which gained prominence in 2024 with enticing promises of a 100% return on investment within just 30 days without any warning, emptied investors' accounts, with the loss estimated at over N1.3 trillion.

After investors' accounts were blocked and trading account balance dropped to zero, there were protests at CBEX's physical branches across the country.

EFCC recovers portion of funds from CBEX

In response to complaints and the ensuing uproar, the Economic and Financial Crimes Commission (EFCC) initiated a probe into the collapse of CBEX, declared several suspects wanted, and made arrests.

Recently, the EFCC Chairman announced progress in recovering funds misappropriated from the platform.

He also revealed that a portion of the misappropriated money has been retrieved; however, he declined to specify the amount due to the sensitive and ongoing nature of the recovery operation.

He stated:

We have made significant progress on the CBEX case. A reasonable sum has already been recovered."

SEC warns investors about CBEX

The Securities and Exchange Commission (SEC) has issued a stern warning regarding CBEX's operations.

The Commission stressed that CBEX engaged in misleading promotional activities to lure unsuspecting investors with unrealistic promises of high returns.

While the claimed restoration of trading activities on CBEX signifies a positive development, Nigerians must be vigilant not to fall victim again.

Nigerians react to CBEX fund recovery

Some Nigerians have taken to social media to share their reactions to the restoration of funds on their CBEX account.

@DannexNations wrote while sharing a screenshot of its supposed CBEX account.

"CBEX just refunded my initial balance"

@Mamba_OX added:

"You will still have to pay for the verification fee. Still part of their strategy to fool people."

@whispering_wiz said:

"Check your CBEX account balance But do not fall for any cheap trap."

@EdorheJones reacted:

"It’s the 100% Return on investment they will use to pay the people they are owing now. I know people will still fall this.

@AirlornMent said:

"This one must favour me."

CBEX verification fee

Earlier, Legit.ng had reported that some Nigerian investors have reportedly started making additional $100 and $200 deposits to CBEX, in hopes of regaining access to their funds.

Subsequently, it sent a message to the investors to make additional deposits to the wallet as part of a verification process to authenticate ownership.

One investor claimed to have invested N480,000 ($300) into the platform, which was to have been her school fees. She confirmed that her wallet balance had reverted to $0 as well.

Source: Legit.ng