Promoters insist the platform is insured and have introduced a capital injection system, allowing previous investors to restore account balances by depositing additional funds.
Despite ongoing investigations into a reported N1.2tn digital trading fraud that affected over 600,000 Nigerians, Crypto Bridge Exchange (CBEX) has resumed operations, enabling new registrations, trades, and limited withdrawals.
Multiple users confirmed to The PUNCH on Wednesday that CBEX reactivated its platform, weeks after the Securities and Exchange Commission declared it illegal and the EFCC launched a probe into its activities.
“People can now withdraw from the CBEX platform… The old account was wiped; you can’t take out funds from it yet,” a trader stated.
According to sources, affected users may regain partial access to their funds from June 25, pending an external audit by a UK-based insurer.
Promoters insist the platform is insured and have introduced a capital injection system, allowing previous investors to restore account balances by depositing additional funds.
While old accounts remain under audit, new users are reportedly able to trade and withdraw profits without restriction.
A Telegram group created by CBEX administrators dismissed allegations of fraud, attributing the April 14 collapse to a cyberattack that compromised its AI trading system.
Meanwhile, the EFCC has declared a foreign national, Elie Bitar, wanted in connection with the scandal. The Nigerian Financial Intelligence Unit has also issued a warning against unregulated platforms like CBEX, ADK, and WWCoin, flagging Ponzi characteristics.
SEC Director-General Emomotimi Agama reiterated that registration with the Corporate Affairs Commission or EFCC does not legitimize investment schemes, urging Nigerians to verify companies with the SEC before investing.