The Crypto Bridge Exchange (CBEX) platform, accused of scamming over 600,000 Nigerians in a digital trading fraud worth ₦1.3 trillion, has resumed operations and introduced new withdrawal options to restore investor confidence.
CBEX announced that despite ongoing investigations, which have raised concerns about the scale of the fraud, new users can now register, trade, and withdraw profits without restrictions.
The platform’s management assured users that they are undergoing an external audit, and an insurance verification process is in place to determine the exact amount lost.
According to sources within CBEX, old investors can start withdrawing funds by June 25, 2025, following the completion of the ongoing audit.
The audit is expected to reconcile discrepancies in previous accounts. While the audit continues, new users are free to fund their accounts, trade, and withdraw profits without interference from the investigation.
The platform’s promoters strongly refuted allegations of fraud, claiming that the funds are still intact. They explained that an AI trading incident led to the loss of funds for some users.
“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,” one source stated.
“But now, the promoters are saying that the platform and the CBEX application are insured, with verification of funds ongoing by the insurance company.”
To recover lost funds, users with capital under $1,000 will need to inject $100, while those with over $1,000 will have to add $200 to restore their balances.
The platform stated that once the audit is complete, investors will be able to withdraw a portion of their remaining funds.
For instance, from June 25, investors can withdraw 50% of their capital, with the remainder available for withdrawal after August 25, 2025.
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CBEX’s sources also clarified that new investors are not affected by the ongoing audit. They can register, fund accounts, and withdraw profits immediately.
“What they are auditing is because the Federal Government said they scammed Nigerians of ₦1.2tn, and they are insisting that the amount is not up to half of the publicised amount,” another source explained.
“They are claiming only ₦126bn was lost, and that is the reason for the audit. But new accounts can now start investing and get their money.”
The company’s management is working to reassure Nigerians, arguing that the loss was due to an AI malfunction rather than fraudulent intent.
They have also rolled out a new group offering trading signals and have started manual trading following the AI incident.
Regarding the audit, one source noted that the company is registered in the United Kingdom, and the ongoing review is being conducted by UK authorities.
“The firm is registered in the United Kingdom, not in Nigeria. They merely extended their operations here,” the source said.
A new Telegram group has been set up for user communication, where an admin named Laura shared that the investigation into the AI incident is still ongoing.
She explained, “There are some factors in the incident on April 14th that I cannot tell you in detail. I can only tell you that AI was attacked and the trading strategy was tampered with.”
As for the claims process, Laura urged users to accept the insurance claims processing initiated by the insurance company linked to the ST Fund firm before any compensation could be issued.
The Securities and Exchange Commission (SEC) and the Economic and Financial Crimes Commission (EFCC) have condemned CBEX’s operations, with the EFCC declaring eight individuals wanted for promoting the platform. Investigations are still underway.