In a surprising twist to one of Nigeria’s most controversial Ponzi schemes, the operators of Crypto Bridge Exchange (CBEX) have reportedly restored subscribers’ wallet balances, months after the platform crashed and wiped out millions in investor funds. Victims, however, have raised fresh concerns after being asked to pay new deposits in order to access the supposedly recovered funds.
On Tuesday, many affected investors said they were able to view their previous balances on the CBEX platform, marking the first time since the alleged crash in April that any access was granted. But the relief was short-lived. Users were informed they must make new payments—$200 for those who initially invested over $1,000 and $100 for those with smaller investments—before they could retrieve their funds.
One subscriber, who preferred anonymity, expressed deep frustration, saying, “I can see my balance, but what’s the point if I have to pay again to get what I already lost? If they’re truly restoring funds, why ask for more?”
CBEX’s collapse earlier this year sent shockwaves through Nigeria’s crypto community. The scheme, which had promised to double investors’ deposits within 40 days, abruptly locked users out of their accounts. The sudden disappearance of funds triggered protests in several cities, including a violent demonstration and looting at one of CBEX’s offices in Ibadan, Oyo State.
The Economic and Financial Crimes Commission (EFCC) has since taken up the case, arresting several suspects and declaring others wanted. The anti-graft agency confirmed it had traced portions of the stolen funds across multiple countries. Despite these efforts, the EFCC warned that full recovery of investors’ funds might be impossible.
CBEX operators had initially blamed the shutdown on alleged hacking activities, a claim that many victims dismissed as a cover-up. The company further silenced dissent by locking down its Telegram support group, leaving thousands of stranded investors with no avenue for recourse.
As the saga continues to unfold, the CBEX situation is increasingly being viewed not only as a financial crime but a test of regulatory oversight in Nigeria’s fast-growing but poorly regulated crypto investment space. For now, the platform’s demand for new deposits before unlocking lost funds has reignited fears that the fraud may be evolving into a second wave of deception.
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