CBEX Reappears, Charges Fee For Withdrawal, EFCC Investigates

By: Abdulwasiu Akintunde 

After disappearing with millions in investors’ funds, controversial crypto platform Crypto Bridge Exchange (CBEX) has resurfaced, now demanding “reactivation fees” from users before they can access their balances. 

CBEX shut down abruptly in April 2025, blaming a “hacker attack” a claim many investors dismissed. Following the shutdown, angry users stormed the company’s Ibadan office. The platform had operated mainly via Telegram, where user access was later restricted as complaints increased.

OPEN TELEVISION NAIJA (OTN) News reports as gathered that some visaids of the investment scheme said that their dashboards were reactivated, but withdrawals require payments of $100 to $200, depending on account size.

The EFCC launched investigations, arrested several suspects, and traced stolen funds to foreign accounts. More Nigerian collaborators were declared wanted recently, though officials say full recovery of funds remains unlikely, leaving thousands of victims financially stranded.

OTN News further repoets that experts have warned Nigerians that CBEX’s return may be a ploy to extort victims again. “It’s a classic double-dip strategy,” said, a fintech analyst. “They vanish, come back with fake promises, and demand more. People must stay cautious.”