CBEX Ponzi Scheme Restores Subscribers’ Balance

Crypto Bridge Exchange (CBEX), a Ponzi scheme that disappeared with subscribers’ funds earlier in the year restored depositors’ balance on Tuesday amidst intensified investigation by the Nigerian authorities.

LEADERSHIP recalls that the Economic and Financial Crimes Commission (EFCC) launched investigations into the disappearance of deposits by Nigerians with a pledge to recover the losses.

However, while subscribers said on Tuesday that they were able to view the amounts in their wallets prior to the platform’s alleged crash in April, victims were being asked to pay additional fees to retrieve their lost investments.

In order to purportedly retrieve their lost fund, a new deposit of $200 was requested as fresh deposit from individuals who initially invested over $1,000 and $100 from those who invested below $1,000.

A victim told our correspondent anonymously, “I have been able to view my balance but it makes no sense to be asked for a fresh deposit to retrieve my investment.

“I’ll wait to see what happens to know what to do next, but if it requires a fresh deposit, then count me out.”

However, the scheme allegedly demanded the extra payments before investors can access or withdraw the funds.

CBEX caught victims unawares in April when it collapsed without warning, locking users out of their accounts and sparking panic.

Furious victims embarked on violent protests, including the looting of the scheme’s office in Ibadan, Oyo State capital.

The company had previously promised to double deposits within 40 days.

Despite locking their Telegram group to suppress complaints, CBEX operators blamed hackers for the shutdown.

The EFCC said it arrested some suspects and traced funds to multiple countries while some suspects were also recently declared wanted by the anti-graft agency in connection with the cryptocurrency scam.

EFCC, however warned that it might not be able to recover all lost investments.