CITIZENS COMPASS– With over 600,000 investors stranded, the embattled Crypto Bridge Exchange (CBEX) has made a fresh announcement about its activities.
Some social media users said the digital platform has quietly resumed operations but without opening its withdrawal channels.
Recall that the platform crashed in April leaving over 600,000 Nigerians stranded.
Citizens Compass reported that the platform faces allegations of a N1.2 trillion digital trading fraud.
Two traders familiar with the platform yesterday, disclosed that CBEX has reopened its trading channels whereby new users can register.
Citizens Compass reported that the Economic and Financial Crimes Commission (EFCC) said it had commenced investigations into CBEX activities and there were possibilities to refund funds to the investors.
Sources said that CBEX is currently undergoing an insurance verification and external audit of its financial records to determine the actual amount lost when the platform collapsed on April 14, 2025. The external audit, reportedly being conducted by a UK-based insurance firm, is expected to be concluded by June 25.
CBEX said the locked funds of existing investors may be accessed after the audit.
The digital platform did not mention the fate of new investors.
Meanwhile, the Securities and Exchange Commission (SEC), has branded CBEX’s operations illegal.
CBEX had attracted patronage by promising investors 100% Return on Investment (ROI) within 30 days of trading.
The firm was registered with the Corporate Affairs Commission (CAC) on September 25, 2024, and also received documentation from the EFCC’s Special Control Unit Against Money Laundering on January 16, 2025.So far, EFCC has declared wanted eight key promoters of the scheme. They were Johnson Oteno, Israel Mbaluka, Joseph Michiro, Serah Michiro, Adefowora Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, and Seyi Oloyede.
On Monday, Adefowora Abiodun, one of the platform’s top traders and alleged leaders, voluntarily turned himself in to the EFCC for interrogation.
