The Crypto Bridge Exchange trading platform has allegedly resumed operation after over 600,000 Nigerians lost their money to about N1.2tn. The platform, according to the report, has announced new withdrawal options for old users and availed registration slots for new users.

According to the report by two promoters, the platform which it’s original is in the UK and only extended a branch to Nigeria — has completed an insurance verification process to gain users’ confidence and trust in them.

All this is happening while an external audit of the company’s financial records are underway to ascertain the actual amount that investors lost in the scheme.

When this audit is completed by an Insurance Company in the UK, old users who invested — would expect to commence withdrawal by June 25, 2025.

In April 14th, NEWSMAXNG reports that the crypto trading platform had collapsed with no fewer than 600,000 Nigerian investors losing their investments.

The platform which started operation in 2024 after their registration was approved by the Corporate Affairs Commission(25th September, 2024), and the Special Control Unit of the EFCC Against Money Laundering (January 16, 2025) — had promised investors a 100% return after 30 days of purported AI trading.

Subsequently after the platform’s collapse, the EFCC alongside other regulatory agencies, including the SEC had warning Nigerians to shine their eyes and steer clear of Ponzi schemes which CBEX was suspected to be one.

In another development, the EFCC had made a list of suspected Ponzi schemes for investors to avoid including CBEX. See list of other 58 operating Ponzi schemes .

While the EFCC had also promised investors to get their money back and arrest who ever was behind the CBEX platform, it had declared 8 individuals wanted including; Johnson Oteno, Israel Mbaluka, Joseph Michiro, Serah Michiro, Adefowora Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, and Seyi Oloyede.

In another case, four promoters of the platform had also being declared wanted one of whom —Adefowora Abiodun, voluntarily surrendered himself to the commission promising to cooperate with investigation, to clear his name.

Consequently, the EFCC had declared a foreigner wanted for involving in the alleged Fraud. 41-year Old Elie Bitar was said to have been last seen at George Enemoh Crescent, Lekki Phase 1, Lagos.

However, in a recent development, a user of the platform has reported that the platform is still operating as it has promised new users great profits and easy withdrawals. Meanwhile, old investors are still unable to withdraw their money.

“People can now withdraw from the CBEX platform. The withdrawal option has been activated. Let me explain the withdrawal. 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 per cent, lost its trade, and wiped people’s money out,” the source revealed.

Interestingly, there is a condition for old investors to get their money out which is that – an investor who had $1000 invested, would need to deposit $100 to be able to withdraw. Another investor with $2000 invested would need $200 deposited again, to be able to withdraw their money.

Speaking on why investors can not yet withdraw their old funds, the source revealed that —previous investors can only trade but not withdraw because the United Kingdom government is carrying out an audit on their financial account.

According to him, the audit is expected to be completed between 30 to 60 days and prior to that, previous investors cannot withdraw their funds yet but can only trade.

“But from June 25th, you can now withdraw up to 50 per cent 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. But if you don’t do the verification, it won’t reflect in your account,” he said.

Another person who also confided in newsmen revealed that new accounts can effortlessly register, fund, and trade on the platform then withdraw their funds with ease as any restrictions do not affect new users.

Clearing the air on the scam allegation, the promoters stressed that CBEX only lost money because the AI trader traded 100% of investors’ money which resulted to a loss.

They also claimed that — contrary to the FG’s claim that about N1.2tn was lost, the total amount lost is only N126bn. They stated this as the reason why the platform is auditing to clear its name as a scam platform.

The specific cause is under investigation, and we need to wait for the official investigation results of the UK government before we make it public. As for this channel, some scammers affected by ST and online rumour mongers who received donations from scammers deliberately stigmatized the compensation.

Furthermore, another promoter in an enclosed telegram group to recruit new users, Laura, said;

“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.”

In her claim, she further stated that the EFCC contacted the CBEX official yesterday and provided absolute evidence through ST, proving that the ST fund company has indeed compensated users for their losses.

“You know the EFCC of Nigeria, If they are not absolutely sure, how can they have such courage to say to the public, ‘you will get your money back?,” she said.

Meanwhile, the commission’s spokesperson could not be reached for an official statement on the claim –at the time of this report.

Read Also: EXPOSED : Nigerians Behind CBEX Scam Revealed (See Names)