In a surprising move, Crypto Bridge Exchange (CBEX), a digital trading platform in Nigeria, has started operating again. This comes even though the Securities and Exchange Commission (SEC) has banned it, and the Economic and Financial Crimes Commission (EFCC) is investigating an alleged N1.2 trillion fraud that affected over 600,000 Nigerians. CBEX has also introduced new withdrawal options to try to win back the trust of investors. But what does this all mean, and why is it causing such a stir? Let’s break it down in simple terms, with insights from posts on X, including the @NigeriaStories handle, to understand the situation better.

What is CBEX?

CBEX is a digital investment platform that began operating in Nigeria in July 2024. It promised investors a 100% profit on their money within 30 days through what it called “AI-powered trading.” This means they claimed a computer program could make smart trades to double your money quickly. Sounds amazing, right? That’s why over 600,000 Nigerians invested in it, hoping to make big profits. CBEX even got official registration from the Corporate Affairs Commission (CAC) on September 25, 2024, and approval from the EFCC’s Special Control Unit Against Money Laundering on January 16, 2025. These certificates made many people believe CBEX was safe and legitimate.

But things took a dark turn. On April 14, 2025, CBEX collapsed. Investors found their accounts empty, and they couldn’t withdraw their money. Reports say Nigerians lost over N1.2 trillion (about $750 million USD) in this crash. The EFCC called it a possible Ponzi scheme, a type of scam where money from new investors is used to pay older ones, creating a false sense of profit until the scheme falls apart. The SEC also declared CBEX illegal, warning people to stay away from it. Angry investors even stormed CBEX offices in Ibadan and Lagos, frustrated by their losses.

Why Did CBEX Resume Operations?

Despite the ban and ongoing investigation, CBEX quietly started operating again, as reported by @NigeriaStories on X on May 1, 2025. Two traders confirmed to news outlets like The Punch that CBEX is allowing new users to register, trade, and withdraw profits. They’ve also introduced new withdrawal options to rebuild trust. For example, starting June 25, 2025, old investors might be able to withdraw up to 50% of their remaining funds, with the rest possibly available by August 25, 2025. However, there’s a catch: older accounts, which were wiped out in the April crash, can’t withdraw money yet. CBEX says it’s because an insurance company in the United Kingdom is auditing their finances to figure out how much money was really lost.

CBEX claims the April crash happened because their AI system lost all the money in a bad trade, and they’re insisting the platform is insured. They also say only N126 billion was lost, not N1.2 trillion, though this is still being checked. To make things more appealing, CBEX is offering bonuses for referrals, meaning you get extra money if you bring in new investors. They’ve also changed how trading works—now, users have to manually enter trading codes instead of relying on the AI, which they say gives people more control.

What’s the EFCC and SEC Saying?

The EFCC is not happy about CBEX’s comeback. They’re working with international agencies like Interpol and the FBI to track down the people behind the platform, including a foreign national named Elie Bitar and eight others declared wanted, such as Johnson Oteno and Adefowora Olanipekun. One suspect, Adefowora Abiodun, turned himself in to the EFCC on April 29, 2025, as @NigeriaStories reported. The EFCC has promised that investors will get their money back, but it won’t happen quickly. They’re investigating how CBEX got away with such a massive scheme and are warning Nigerians to avoid platforms that promise unrealistic profits.

The SEC, which regulates investments in Nigeria, has been clear: CBEX is not registered with them, making it illegal. On April 14, 2025, the SEC’s Director General, Emomotimi Agama, said any platform not registered with the SEC is a risk. Under new laws, running a Ponzi scheme can lead to 10 years in jail and a N40 million fine. The SEC is determined to punish CBEX’s promoters and protect investors.

What Are People Saying on X about cbex?

The news about CBEX resuming operations has sparked a lot of reactions on X, especially from the @NigeriaStories handle and its followers. On May 1, 2025, @NigeriaStories posted, “BREAKING: CBEX resumes operations despite SEC ban and N1.2 trillion EFCC probe. They also announced fresh withdrawal options in a move to restore investor confidence.” This post got attention, with users like @GIZ_4L commenting, “Big moves! 🔄💸,” showing some excitement about CBEX’s return. However, not everyone is convinced.

Many X users are skeptical. Some called CBEX a scam from the start, pointing out that promising 100% returns in 30 days is a classic Ponzi scheme trick. Others shared stories of loss, like Fuji musician Taye Currency, who said he lost N10 million and cursed those who got him involved. Posts on X also highlight anger and distrust, with users like #edoPeekeen saying, “9ja don tire person to the extent person nor know who dey lie again,” reflecting confusion and frustration among Nigerians. Some users, like #iam_gideonlegend, blamed greed for people falling for CBEX, while others, like #Obobanj, stressed the need for financial literacy to avoid such scams.

Why Is This a Big Deal for Young People?

If you’re a young reader, you might wonder why this matters to you. CBEX’s story is a lesson about money and trust. Many young Nigerians, looking to make quick cash, invested in CBEX because it sounded like an easy way to get rich. But when it crashed, people lost their savings, and some even lost money they borrowed. This shows why it’s important to be careful with investments. If something promises huge profits with little risk, it’s probably too good to be true.

The Central Bank of Nigeria (CBN) and SEC have warned against Ponzi schemes like CBEX. They say you should only invest in platforms that are registered and regulated. You can check with the SEC or CBN to see if a company is legit before putting in your money. Also, learning about financial literacy—understanding how money and investments work—can help you make smarter choices.

What’s Next for CBEX and Investors?

CBEX’s decision to resume operations is bold, but it’s risky. With the EFCC and Interpol on their trail, the platform’s promoters could face serious consequences. For investors, the new withdrawal options might sound hopeful, but many are wary. Some have to pay extra fees (like $100 or $200) to “verify” their accounts, which feels like another way to squeeze money out of them. The audit by the UK insurance company might bring clarity, but until June 25, 2025, most old investors are stuck waiting.

For now, the EFCC is urging victims to come forward with information, and they’re committed to recovering funds. But as @NigeriaStories shared on April 16, 2025, this process will take time. Young Nigerians should stay informed, avoid unregistered platforms, and spread the word about the risks of Ponzi schemes.

Final Thoughts

CBEX’s return is a shocking twist in a saga that’s already hurt thousands of Nigerians. While they’re trying to rebuild trust with new withdrawal options, the SEC ban and EFCC probe make it hard to believe they’re in the clear. The reactions on X show a mix of hope, anger, and caution, reflecting how deeply this has affected people. For young readers, let CBEX be a warning: always research before you invest, and don’t fall for promises of easy money. Stay smart, stay safe, and keep learning about how to manage your finances wisely.

Sources: @NigeriaStories on X